Taxes and Impositions. (A) Borrower shall (i) pay and discharge all Impositions prior to delinquency, and (ii) provide Lender validated receipts or such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall include, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s). (B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advances.
Appears in 3 contracts
Samples: Construction Loan and Security Agreement (Griffin Land & Nurseries Inc), Construction Loan and Security Agreement (Griffin Land & Nurseries Inc), Construction Loan and Security Agreement (Griffin Land & Nurseries Inc)
Taxes and Impositions. Taxes and Impositions shall mean all real estate taxes assessed against Tenant's Building and all other taxes, special assessment for improvements or otherwise, levies and assessments of any nature or description, ordinary as well as extraordinary, which may be assessed or levied with respect to Tenant's Building, or any part thereof. If at any time during the term of this Lease the methods of taxation prevailing at the commencement of the Initial Term shall be altered so that in lieu of or as a supplement to or for the whole or part of the real estate taxes or assessments now levied, assessed or imposed there is imposed levied or assessed (A1) Borrower a tax, assessment, levy, imposition or charge, wholly or partially as a capital levy or otherwise, on the rents received therefrom; or (2) a tax, assessment, levy (including, but not limited to, any territorial or federal levy), imposition or charge measured by or based in whole or in part upon Tenant's building and imposed upon Landlord; or (3) a license fee measured by the Rent herein, then all such taxes, assessments, levies or impositions and charges, or the part thereof so measured or based shall (i) pay be deemed to be included in the Taxes and discharge all Impositions prior payable by Tenant pursuant hereto to delinquencythe extent that such taxes, assessments, levies, impositions and charges would be payable if Tenant's Building were the only property of Landlord subject thereto. Commencing on April 1, 2003, and continuing thereafter during the balance of this Lease, Tenant shall pay to Landlord as additional rent, for each tax year of the term (iiand a proportionate share for any portion of a tax year so included in the term) provide Lender validated receipts or such other evidence satisfactory an amount equal to Lender showing the payment of such Impositions real estate taxes assessed against the entire Demised Premises. The amount payable hereunder shall be payable by Tenant to Landlord within thirty (30) days after receipt of an invoice for same from Landlord which invoice shall be accompanied by a copy of the same would have otherwise become delinquenttax xxxx upon which such additional rent is based, and a calculation of the amount owed by Tenant. Borrower’s obligation to pay If any mortgagee holding a first mortgage on the Impositions pursuant to this Agreement Demised Premises shall includerequire monthly payments of estimated real estate taxes in advance, to the extent permitted by applicable lawthen in such event, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but Tenant shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required monthly amount directly to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, Landlord together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof monthly rent provided for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesabove.
Appears in 2 contracts
Samples: Lease Agreement (Syneron Medical Ltd.), Lease Amendment (Syneron Medical Ltd.)
Taxes and Impositions. (Aa) Borrower Mortgagor shall (i) pay and discharge all Impositions pay, or cause to be paid prior to delinquency, all real property taxes and (ii) provide Lender validated receipts assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, nongovernmental levies or assessments such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includeas maintenance charges, to the extent permitted by applicable law, taxes levies or charges resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositionscovenants, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof conditions and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of restrictions affecting the Mortgaged PremisesProperty, which are assessed or imposed upon the Mortgaged Property, or become due and payable, and which create, may create or appear to create a lien upon the Mortgaged Property, or any portion part thereof, or upon any person, property, equipment or other facility used in the operation or maintenance thereof (all the above collectively hereinafter referred to as "Impositions"); provided, however, that prior if, by law any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Mortgagor may pay the same or cause it to be paid, together with any accrued interest on the unpaid balance of such Imposition, in installments before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(b) If at any time after the date on which such Imposition would otherwise have become delinquent, Borrower shall have hereof there is assessed or imposed (i) given Lender prior written notice a tax or assessment on the Mortgaged Property in lieu of such contest and or in addition to the Impositions payable by Mortgagor pursuant to Section 1.8(a), or (ii) deposited with Lendera license fee, tax or assessment imposed on Mortgagee or any Lender and shall deposit such additional amounts as are necessary to keep on deposit at all times, measured by or based in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued whole or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, part upon the amount of the outstanding obligations secured hereby, then all such Imposition taxes, assessments or fees will be deemed to be included within the term "Impositions" as finally determined, together defined in Section 1.8(a) and Mortgagor shall pay and discharge the same as herein provided with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause respect to the payment of Impositions. If Mortgagor fails to pay such Impositions prior to delinquency, Mortgagee may at its option declare all obligations secured hereby together with all accrued interest thereon, immediately due and payable. Anything to the contrary herein notwithstanding, Mortgagor will have no obligation to pay any unpaid franchise, estate, inheritance, income, excess profits or similar tax levied on Mortgagee or any Lender or on the obligations secured hereby.
(c) Subject to the provisions of Section 1.8(d) and upon request by Mortgagee, Mortgagor shall deliver to Mortgagee before any such Imposition is due and payable official receipts of the appropriate taxing authority, or other proof reasonably satisfactory to Mortgagee, evidencing the payment thereof.
(d) Mortgagor has the right before any delinquency occurs to contest or object to the amount or validity of any such Imposition by appropriate proceedings, but this will 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 1.8, unless Mortgagor has given prior written notice to Mortgagee of Mortgagor's intent to so contest or object to an Imposition, and unless, at Mortgagee's sole option, (i) Mortgagor demonstrates to Mortgagee's reasonable satisfaction that the proceedings to be initiated by Mortgagor will conclusively operate to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged PremisesProperty, or any portion thereof part thereof, to satisfy such Imposition prior to final determination of such proceedings; or any Collateral, is in jeopardy (ii) Mortgagor furnishes a good and sufficient bond or in danger surety as requested by and reasonably satisfactory to Mortgagee; or (iii) Mortgagor demonstrates to Mortgagee's reasonable satisfaction that Mortgagor has provided as good and sufficient undertaking as may be required or permitted by law to accomplish a stay of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may sale.
(but e) [Intentionally Deleted].
(f) Mortgagor shall not suffer, permit or initiate the joint assessment of any real and personal property which may constitute all or a portion of the Mortgaged Property or suffer, permit or initiate any other procedure whereby the lien of the real property taxes and the lien of the personal property taxes will be obligated toassessed, levied or charged to the Mortgaged Property as a single lien.
(g) make such payment Upon the request of Mortgagee, Mortgagor shall promptly cause to be furnished to Mortgagee, at Mortgagor's expense, a tax reporting service covering the Mortgaged Property of the type, duration and Borrower shall reimburse Lender on demand for all such advanceswith a company satisfactory to Mortgagee.
Appears in 2 contracts
Samples: Mortgage, Assignment of Rents, Security Agreement and Fixture Filing (KBS Real Estate Investment Trust II, Inc.), Mortgage, Assignment of Rents, Security Agreement and Fixture Filing (KBS Real Estate Investment Trust II, Inc.)
Taxes and Impositions. A. Trustor agrees to pay, at least ten (A10) Borrower shall (i) pay and discharge all Impositions days prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including without limitation non-governmental levies or assessments such as maintenance charges, owner association dues or charges or fees, levies or charges resulting from covenants, conditions and restrictions affecting the Trust Estate, which are assessed or imposed upon the Trust Estate, or become due and payable, and which create, may create or appear to create a lien upon the Trust Estate, or any part thereof, or upon the Personal Property, equipment or other facility used in the operation or maintenance thereof (all of which taxes, assessments and other governmental charges of like nature are hereinafter referred to as “Impositions”); provided, however, that if, by law, any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Trustor must pay the same, together with any accrued interest on the unpaid balance of such Imposition, in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
B. If at any time after the date hereof there shall be assessed or imposed (i) a tax or assessment on the Trust Estate in lieu of or in addition to the Impositions payable by Trustor pursuant to subparagraph A hereof, or (ii) provide Lender validated receipts a license fee, tax or assessment imposed on Beneficiary and measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such other evidence satisfactory taxes, assessments or fees shall be deemed to Lender showing be included within the term “impositions” as defined in subparagraph A hereof, and Trustor shall pay and discharge the same as herein provided with respect to the payment of such Impositions or, at the option of Beneficiary, all obligations secured hereby, together with all accrued interest thereon, shall immediately become due and payable. Anything to the contrary herein notwithstanding, Trustor shall have no obligation to pay any franchise, estate, inheritance, income, excess profits or similar tax levied on Beneficiary or on the obligations secured hereby.
C. Subject to the provisions of subparagraph D of this Section l.10, Trustor covenants to furnish Beneficiary within thirty (30) days after the same would date upon which any such Imposition is due and payable by Trustor, official receipts of the appropriate taxing authority, or other proof satisfactory to Beneficiary, evidencing the payments thereof.
D. Trustor shall have otherwise become delinquent. Borrower’s obligation the right before any delinquency occurs to pay the Impositions pursuant to this Agreement shall include, contest or object to the extent permitted amount or validity of any such Imposition by applicable lawappropriate legal proceedings, taxes resulting from future changes but this shall not be deemed or construed in law which impose upon Lender an obligation any way as relieving, modifying or extending Trustor’s covenant to pay any property taxes such Imposition at the time and in the manner provided in this Section l.10, unless Trustor has given prior written notice to Beneficiary of Trustor’s intent to so contest or other Impositions. Should Borrower default on object to any payment of any ImpositionsImposition, Lender may and unless, (but i) at Beneficiary’s satisfaction that the legal proceedings shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates conclusively operate to prevent the collection of such amounts and the sale of the Mortgaged PremisesTrust Estate, or any portion part thereof; provided, however, that to satisfy such Imposition prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice final determination of such contest and proceedings; or (ii) deposited with LenderTrustor shall furnish a good and sufficient bond or surety as requested by and satisfactory to Beneficiary; or (iii) Trustor shall have provided a good and sufficient undertaking as may be required or permitted by law to accomplish a stay of such proceedings.
E. After an event of default, and at the request of Beneficiary, Trustor shall deposit such additional amounts as pay to Beneficiary, on the day installments of principal and/or interest are necessary to keep on deposit at all timespayable under the Note, until the Indebtedness is paid in full, an amount equal to at least one hundred percent (100%) one-twelfth of the total annual Impositions reasonably estimated by Beneficiary to pay the installment of (A) taxes next due on the balance Trust Estate. In such event, Trustor further agrees to cause all bills, statements or other documents relating to Impositions to be sent or mailed directly to Beneficiary. Upon receipt of such Imposition then remaining unpaidbills, statements or other documents, and (B) all interestproviding Trustor has deposited sufficient funds with Beneficiary pursuant to this Section l.10, penaltiesBeneficiary shall pay such amounts as may be due thereunder out of the funds so deposited with Beneficiary. If at any time and for any reason the funds deposited with Beneficiary are or will be insufficient to pay such amounts as may then or subsequently be due, costs Beneficiary shall notify Trustor and charges accrued Trustor shall immediately deposit an amount equal to such deficiency with Beneficiary. Notwithstanding the foregoing, nothing contained herein shall cause Beneficiary to be deemed a trustee of said fund or accumulated thereon. Lender shall keep said deposited to be obligated to pay any amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, excess of the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount funds deposited with Lender Beneficiary pursuant to this clause Section 1.10. Beneficiary shall not be obliged to pay or allow any interest on any sums held by Beneficiary pending disbursement or application hereunder, and Beneficiary may impound or reserve for future payment of Impositions such portion of such payments as Beneficiary may in its absolute discretion deem proper. Should Trustor fail to deposit with Beneficiary (exclusive of that portion of said payments which has been applied by Beneficiary on the principal of or interest on the indebtedness secured by the Loan Instruments) sums sufficient to fully pay such Impositions at least thirty (30) days before delinquency thereof, Beneficiary may, at Beneficiary’s election, but without any obligation so to do, advance any amounts required to make up the deficiency, which advances, if any, shall be secured hereby and shall be repayable to Beneficiary as herein elsewhere provided, or at the option of Beneficiary, Beneficiary may, without making any advance whatever, apply any other sums held by Beneficiary against any obligation of the Trustor secured hereby, including but not limited to the payment of Impositions. Should any unpaid Imposition to prevent default occur or exist on the sale or forfeiture part of the Mortgaged Premises Trustor in the payment or performance of any of Trustor’s obligations under the terms of the Loan Instruments, Beneficiary may, at any time at Beneficiary’s option, apply any sums or amounts in its hands received pursuant hereto, or as rents or income of the Trust Estate or otherwise, upon any indebtedness or obligation of the Trustor secured hereby in such manner and order as Beneficiary may elect. Beneficiary agrees that receipt, use or application of any such sums paid by Trustor to Beneficiary hereunder shall not be construed to affect the maturity of any indebtedness secured by this Deed of Trust or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event rights or powers of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to Beneficiary or Trustee under the terms of the Loan Instruments or any of the obligations in of Trustor under this Deed of Trust.
F. Trustor covenants and agrees not to suffer, permit or initiate the sole discretion joint assessment of the Lender. Notwithstanding any provisions of this clause to Property and the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged PremisesPersonal Property, or any portion thereof other procedure whereby the lien of the real property taxes and the lien of the personal property taxes shall be assessed, levied or any Collateralcharged to the Trust Estate as a single lien.
G. If requested by Beneficiary, is in jeopardy or in danger Trustor shall cause to be furnished to Beneficiary a tax reporting service covering the Trust Estate of being forfeited or foreclosed. If Borrower refuses the type, duration, and with a company satisfactory to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesBeneficiary.
Appears in 2 contracts
Samples: Deed of Trust (OVERSTOCK.COM, Inc), Deed of Trust (OVERSTOCK.COM, Inc)
Taxes and Impositions. (A) Borrower shall (i) pay and discharge all Impositions prior to delinquency, and (ii) . Borrower shall provide to Lender validated receipts or such other evidence satisfactory to Lender showing the payment of such Impositions all real estate and personal property taxes within thirty (30) 15 days after the same would otherwise have otherwise become delinquent. Borrower’s 's obligation to pay the Impositions pursuant to this Agreement shall include, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any in the payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Advances. Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions Imposition or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, Property or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, delinquent Borrower shall have (i) given Lender prior written notice of such contest contest, and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary provided reasonable evidence to keep on deposit at all times, in an amount equal Lender that Borrower has available funds to at least one hundred percent (100%) of the total of (A) pay the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions provision of this clause Section 4.1.A to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute reasonable discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, Property is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesAdvances.
Appears in 2 contracts
Samples: Loan Agreement (Servico Market Center Inc), Loan Agreement (Servico Market Center Inc)
Taxes and Impositions. (A) Borrower shall (i) pay and discharge all Impositions Trustor shall pay, or cause to be paid prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, non-governmental levies or assessments such as maintenance charges, levies or charges resulting from covenants, conditions and restrictions affecting the Trust Estate, which are assessed or imposed upon the Trust Estate, or become due and payable, and which create, may create or appear to create a lien upon the Trust Estate, or any part thereof, or upon any Person, property, equipment or other facility used in the operation or maintenance thereof (all the above collectively hereinafter referred to as “Impositions”); provided, however, that if, by law any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Trustor may pay the same or cause it to be paid, together with any accrued interest on the unpaid balance of such Imposition, in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(ii) provide Lender validated receipts If at any time after the date hereof there shall be assessed or imposed (a) a tax or assessment on the Trust Estate in lieu of or in addition to the Impositions payable by Trustor pursuant to subsection 2.12(i), or (b) a license fee, tax or assessment imposed on Beneficiary and measured by or based in whole or in part upon the amount of the outstanding Obligations secured hereby, then all such other evidence satisfactory taxes, assessments or fees shall be deemed to Lender showing be included within the term “Impositions” as defined in subsection 2.1.2(i) and Trustor shall pay and discharge the same as herein provided with respect to the payment of Impositions. If Trustor fails to pay such Impositions prior to delinquency or if Trustor is prohibited by law from paying such Impositions, Beneficiary may at its option declare all Obligations secured hereby together with all accrued interest thereon, immediately due and payable. Anything to the contrary herein notwithstanding, Trustor shall have no obligation to pay any franchise, estate, inheritance, income, excess profits or similar tax levied on Beneficiary or on interest or other income received by Beneficiary comprising a portion of or in connection with, the Obligations secured hereby.
(iii) Subject to the provisions of subsection 2.12(iv) and upon request by Beneficiary, Trustor shall deliver to Beneficiary prior to the date upon which any such Imposition is due and payable by Trustor, evidence of payment of such Imposition and within thirty (30) days after the same would date upon which any such Imposition is due and payable by Trustor, official receipts of the appropriate taxing authority, or other proof satisfactory to the Lenders, evidencing the payment thereof.
(iv) Trustor shall have otherwise become delinquent. Borrowerthe right before any delinquency occurs to contest or object to the amount or validity of any such Imposition by appropriate proceedings, but this shall not be deemed or construed in any way as relieving, modifying or extending Trustor’s obligation covenant to pay any such Imposition at the time and in the manner provided in this Section 2.12, unless Trustor has given prior written notice to Beneficiary of Trustor’s intent to so contest or object to an Imposition, and unless, at Beneficiary’s sole option, (a) Trustor shall demonstrate to the Lender’s satisfaction that the proceedings to be initiated by Trustor shall conclusively operate to prevent the sale of the Trust Estate, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings; or (b) Trustor shall furnish a good and sufficient bond or surety as requested by and satisfactory to the Lenders; or (c) Trustor shall demonstrate to the Lender’s satisfaction that Trustor has provided a good and sufficient undertaking as may be required or permitted by law to accomplish a stay of any such sale.
(v) At any time after an Event of Default under any Loan Document, then upon request by Beneficiary, Trustor shall pay to Beneficiary an initial cash reserve in an amount adequate to pay all Impositions for the ensuing tax fiscal year and shall thereafter continue to deposit with Beneficiary, in monthly installments, an amount equal to one-twelfth (1/12) of the sum of the annual Impositions reasonably estimated by Beneficiary, for the purpose of paying the installment of Impositions next due on the Trust Estate (funds deposited for this purpose shall hereinafter be referred to as “Impounds”). In-such event Trustor further agrees to cause all bills, statements or other documents relating to Impositions to be sent or mailed directly to Beneficiary. Upon receipt of such bills, statements or other documents, and providing Trustor has deposited sufficient Impounds with Beneficiary pursuant to this Agreement subsection 2.12(v), Beneficiary shall includepromptly pay such amounts as may be due thereunder out of the Impounds so deposited with Beneficiary. If at any time and for any reason the Impounds deposited with Beneficiary are or will be insufficient to pay such amounts as may then or subsequently be due, Beneficiary may notify Trustor and upon such notice Trustor shall deposit immediately an amount equal to such deficiency with Beneficiary. Notwithstanding the foregoing, nothing contained herein shall cause Beneficiary to be deemed a trustee of said funds or to be obligated to pay any amounts in excess of the amount of funds deposited with Beneficiary pursuant to this subsection 2.12(v). To the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender Beneficiary may (but commingle Impounds with its own funds and shall not be obligated toto pay or allow any interest on any Impounds held by Beneficiary pending disbursement or application hereunder. Beneficiary may reserve for future payment of Impositions such portion of the Impounds as Beneficiary may in its absolute discretion deem proper. Upon an Event of Default, Beneficiary may apply the balance of the Impounds upon any indebtedness or obligation secured hereby in such order as Beneficiary may determine, notwithstanding that said indebtedness or the performance of said obligation may not yet be due according to the terms thereof. Should Trustor fail to deposit with Beneficiary (exclusive of that portion of said payments which has been applied by Beneficiary upon any indebtedness or obligation secured hereby) sums sufficient to fully pay such Impositions at least fifteen (15) days before delinquency thereof, Beneficiary may, at Beneficiary’s election, but without any obligation so to do, advance any amounts required to make up the deficiency, which advances, if any, shall be secured hereby and shall be repayable to Beneficiary as herein elsewhere provided, or at the option of Beneficiary the latter may, without making any advance whatever, apply any Impounds held by it upon any indebtedness or obligation secured hereby in such order as the Lenders may determine, notwithstanding that said indebtedness or the performance of said obligation may not yet be due according to the terms thereof. Should any Event of Default occur, Beneficiary may at any time at Beneficiary’s option, apply any sums or amounts in its hands received pursuant to subsections 2.7(iii) and 2.12(v) hereof, or as rents or income of the Trust Estate or otherwise, to any indebtedness or obligation of the Trustor secured hereby in such manner and order as Beneficiary may elect, notwithstanding said indebtedness or the performance of said obligation may not yet be due according to the terms thereof. The receipt, use or application of any such Impounds paid by Trustor to Beneficiary hereunder shall not be construed to affect the maturity of any indebtedness secured by this Deed of Trust or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s)of the rights or powers of Beneficiary or Trustee under the terms of the Loan Documents or any of the obligations of Trustor or any guarantor under the Loan Documents.
(Bvi) Borrower Trustor shall not be required to paysuffer, discharge permit or remove initiate the joint assessment of any Imposition so long as Borrower contests in good faith such Impositions real and personal property which may constitute all or a portion of the validityTrust Estate or suffer, applicability permit or amount thereof by an appropriate legal proceeding which operates to prevent initiate any other procedure whereby the collection lien of such amounts the real property taxes and the sale lien of the Mortgaged Premisespersonal property taxes shall be assessed, levied or any portion thereof; provided, however, that prior charged to the date on which such Imposition would otherwise have become delinquent, Borrower Trust Estate as single lien.
(vii) Trustor shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary cause to keep on deposit at all times, in an amount equal be furnished to at least one hundred percent (100%) Beneficiary a tax reporting service covering the Trust Estate of the total of (A) the balance of such Imposition then remaining unpaidtype, duration and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause a company satisfactory to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesLenders.
Appears in 2 contracts
Samples: Deed of Trust (Cadiz Inc), Credit Agreement (Cadiz Inc)
Taxes and Impositions. (Aa) Borrower shall (i) pay and discharge all Impositions Trustor agrees to pay, prior to delinquency, all real property taxes and (ii) provide Lender validated receipts assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including without limitation non-government levies or assessments such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includeas maintenance charges, to the extent permitted by applicable lawassociation dues or charges or fees, taxes and levies or charges resulting from future changes in law covenants, conditions and restrictions affecting the Trust Estate, which impose are assessed or imposed upon Lender an obligation to pay any property taxes the Trust Estate or other Impositions. Should Borrower default on any payment of any Impositionsbecome due and payable, Lender and which create or may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or create a lien upon the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged PremisesTrust Estate, or any portion part thereof, or upon any equipment or other facility used by Trustor in the operation or maintenance thereof (all of which taxes, assessments and other governmental charges of like nature are hereinafter referred to as “Impositions”); provided, however, that prior to the date on which if, by law, any such Imposition would otherwise have become delinquentis payable, Borrower shall have (i) given Lender prior written notice or may at the option of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all timesthe taxpayer be paid, in an amount equal to at least one hundred percent (100%) of installments, Trustor may pay the total of (A) same together with any accrued interest on the unpaid balance of such Imposition then remaining unpaidin installments as the same become due and before any fine, and (B) all interestpenalty, penalties, costs and charges accrued interest or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) cost may be added thereto for the Borrower nonpayment of any such installment and shall pay out interest at least annually thereon. Any such contest interest.
(b) If any time after the date hereof there shall be prosecuted with due diligenceassessed or imposed (i) a tax or assessment in the Trust Estate in lieu of or in addition to the Impositions payable by Trustor pursuant to subparagraph (a) hereof, or (ii) a license fee, tax or assessment imposed on Beneficiary and Borrower shall promptly pay from the Account, measured by or based in whole or in part upon the amount of such Imposition the outstanding obligations secured hereby, then all taxes, assessments, or fees shall be deemed to be included within the term “Impositions” as finally determineddefined in subparagraph (a) hereof, together and Trustor shall pay and discharge the same herein provided with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause respect to the payment of any unpaid Imposition Impositions. Anything to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender contrary notwithstanding, Trustor shall have no liabilityobligation to pay any franchise, howeverestate, for failure inheritance, income excess profits or similar tax levied on Beneficiary or on the obligations secured hereby.
(c) Trustor covenants to so apply furnish Beneficiary within (30 ) days after the date which any amount deposited. Any surplus retained such Imposition is due and payable by Lender after payment Trustor, official receipts of the Imposition for which a deposit was madeappropriate taxing authority or other proof satisfactory to Beneficiary, shall be repaid evidencing the payment thereof.
(d) Trustor covenants and agrees to Borrower unless an Event of Default shall have occurrednot suffer, in which case said surplus may be retained by Lender to be applied to permit or initiate the obligations in the sole discretion joint assessment of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole real and absolute discretion of Lender, the Mortgaged Premisespersonal property, or any portion thereof other procedure whereby the lien of the personal property taxes shall be assessed, levied or any Collateralcharged to the Trust Estate as a single lien.
(e) If requested by Beneficiary, is in jeopardy or in danger Trustor shall cause to be furnished to Beneficiary a tax reporting service covering the Trust Estate of being forfeited or foreclosed. If Borrower refuses the type, duration and with the company satisfactory to pay any such Imposition, Lender may Beneficiary.
(but shall not be obligated tof) make such payment and Borrower shall reimburse Lender on demand for all such advancesTrustor has the right to contest Impositions to the extent permitted by Section 9.3 of the Lease.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Rents and Security Agreement, Deed of Trust, Assignment of Rents and Security Agreement
Taxes and Impositions. (A1) Borrower shall (i) pay and discharge all Impositions prior to delinquency, and (ii) . Borrower shall provide to Lender validated receipts or such other evidence satisfactory to Lender showing the payment of such Impositions all real estate and personal property taxes within thirty (30) 15 days after the same would otherwise have otherwise become delinquent. Borrower’s 's obligation to pay the Impositions pursuant to this Agreement shall include, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any in the payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s)Advances.
(B2) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions Imposition or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, Property or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, delinquent Borrower shall have (i) given Lender prior written notice of such contest contest, and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary provided reasonable evidence to keep on deposit at all times, in an amount equal Lender that Borrower has available funds to at least one hundred percent (100%) of the total of (A) pay the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions provision of this clause Section 4.1.A to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute reasonable discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, Property is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesAdvances.
Appears in 2 contracts
Samples: Loan Agreement (Servico Market Center Inc), Loan Agreement (Servico Market Center Inc)
Taxes and Impositions. (A) Borrower Except to the extent that any of the following payments are required to be made and are made by Grantor in accordance with the terms and provisions of any lease covering any Leasehold Property (as defined in SECTION 4.01 hereof) which constitutes a portion of the Collateral, Grantor shall (i) pay and discharge all Impositions pay, or cause to be paid prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, nongovernmental levies or assessments such as maintenance charges, levies or charges resulting from covenants, conditions and restrictions affecting the Collateral, which are assessed or imposed upon the Collateral, or become due and payable, and which create or may create a lien upon the Collateral, or any part thereof, or upon any person, property, equipment or other facility used in the operation or maintenance thereof (all the above collectively hereinafter referred to as "IMPOSITIONS"); provided, however, that if, by law any such Impositions is payable, or may at the option of the taxpayer be paid, in installments, Grantor may pay the same or cause it to be paid, together with any accrued interest on the unpaid balance of such Impositions, in installments before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(B) If at any time after the date hereof there shall be assessed or imposed (i) a tax or assessment on the Collateral or any part thereof in lieu of or in addition to the Impositions payable by Grantor pursuant to SECTION 1.08(A), or (ii) provide Lender validated receipts a license fee, tax or assessment imposed on Grantee and measured by or based in whole or in part upon the amount of the outstanding Indebtedness secured hereby, then all such other evidence satisfactory taxes, assessments or fees shall be deemed to Lender showing be included within the term "IMPOSITIONS" as defined in SECTION 1.08(A) and Grantor shall pay and discharge the same as herein provided with respect to the payment of Impositions, except as otherwise provided in the immediately following sentence. If Grantor fails to pay such Impositions prior to delinquency or if Grantor is prohibited by law from paying such Impositions, Grantee may at its option, after written notice to Grantor and Grantor's failure to pay such Imposition within thirty (30) days after the same would have otherwise become delinquentreceipt of such notice, declare all Indebtedness secured hereby, together with all accrued interest thereon, immediately due and payable. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall include, Anything to the extent permitted by applicable lawcontrary herein notwithstanding, taxes resulting from future changes in law which impose upon Lender an Grantor shall have no obligation to pay any property taxes franchise, estate, inheritance, income, excess profits or other Impositions. Should Borrower default similar tax levied on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions Grantee or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s)the Indebtedness secured hereby.
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advances.
Appears in 1 contract
Samples: Credit Agreement (Blue Bird Corp)
Taxes and Impositions. (Aa) Borrower shall (i) pay and discharge all Impositions Trustor agrees to pay, prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including without limitation non-governmental levies or assessments such as maintenance charges, association dues or charges or fees, and levies or charges resulting from covenants, conditions and restrictions affecting the Trust Estate, which are assessed or imposed upon the Trust Estate or become due and payable, and which create or may create a lien upon the Trust Estate, or any part thereof, or upon any equipment or other facility used by Trustor in the operation or maintenance thereof (all of which taxes, assessments and other governmental charges of like nature are hereinafter referred to as “Impositions”); provided, however, that if, by law, any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Trustor may pay the same together with any accrued interest on the unpaid balance of such Imposition in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(b) If any time after the date hereof there shall be assessed or imposed
(i) a tax or assessment on the Trust Estate in lieu of or in addition to the Impositions payable by Trustor pursuant to subparagraph (a) hereof, or (ii) provide Lender validated receipts a license fee, tax or assessment imposed on Beneficiary and measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such other evidence satisfactory taxes, assessments, or fees shall be deemed to Lender showing be included within the term “Impositions” as defined in subparagraph (a) hereof, and Trustor shall pay and discharge the same as herein provided with respect to the payment of such Impositions Impositions. Anything to the contrary notwithstanding, Trustor shall have no obligation to pay any franchise, estate, inheritance, income, excess profits or similar tax levied on Beneficiary or on the obligations secured hereby.
(c) Trustor covenants to furnish Beneficiary within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation date upon which any such Imposition is due and payable by Trustor, official receipts of the appropriate taxing authority or other proof satisfactory to pay Beneficiary, evidencing the payment thereof.
(d) Trustor covenants and agrees not to suffer, permit or initiate the joint assessment of the real and personal property, or any other procedure whereby the lien of the real property taxes and the lien of the personal property taxes shall be assessed, levied or charged to the Trust Estate as a single lien.
(e) If requested by Beneficiary, Trustor shall cause to be furnished to Beneficiary a tax reporting service covering the Trust Estate of the type, duration and with a company satisfactory to Beneficiary.
(f) Trustor has the right to contest Impositions pursuant to this Agreement shall include, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale Section 9.3 of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesMaster Lease.
Appears in 1 contract
Samples: Leasehold Deed of Trust, Assignment of Rents and Security Agreement
Taxes and Impositions. (Aa) Borrower shall pay, or cause to be paid at least ten (i10) pay and discharge all Impositions days prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including without limitation, non-governmental levies or assessments such as maintenance charges, levies or charges resulting from covenants, conditions and restrictions affecting the Trust Estate, which are assessed or imposed upon the Trust Estate, or upon Borrower as owner or operator of the Trust Estate, or become due and payable, and which create, may create or appear to create a lien upon the Trust Estate, or any part thereof, or upon any personal property, equipment or other facility used in the operation or maintenance thereof (all the above collectively hereinafter referred to as "Impositions"); provided, however, that if, by law, any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Borrower may pay the same or cause it to be paid, together with any accrued interest on the unpaid balance of such Imposition, in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest. Borrower may not enter into any multi-year payment plan for the payment of real property taxes unless
(1) Borrower has obtained the prior written consent of Lender to such a plan and, (2) such written consent includes the agreement of Borrower to deposit the amounts needed to pay the installments due under such plan into an impound account with Lender.
(b) If at any time after the date hereof there shall be assessed or imposed (i) a tax or assessment on the Trust Estate in lieu of or in addition to the Impositions payable by Borrower pursuant to subparagraph (a) hereof, or (ii) provide Lender validated receipts a license fee, tax or such other evidence satisfactory assessment 7
(c) Subject to the provisions of paragraph (d) of this Section 1.08 and upon request by Lender, Borrower shall deliver to Lender showing the payment of such Impositions within thirty (30) days after the same would date upon which any such Imposition is due and payable by Borrower official receipts of the appropriate taxing authority, or other proof satisfactory to Lender, evidencing the payment thereof.
(d) Borrower shall have otherwise become delinquent. Borrower’s obligation the right before any delinquency occurs to pay the Impositions pursuant to this Agreement shall include, contest or object to the extent permitted amount or validity of any such Imposition by applicable lawappropriate legal proceedings, taxes resulting from future changes but this shall not be deemed or construed in law which impose upon Lender an obligation any way as relieving, modifying or extending Borrower' s covenant to pay any property taxes such Imposition at the time and in the manner provided in this Section 1.08, unless Borrower has given prior written notice to Lender of Borrower's intent to so contest or other Impositions. Should Borrower default on any payment of any Impositionsobject to an Imposition, Lender may and unless, at Lender's sole option, (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(Bi) Borrower shall not be required demonstrate to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or Lender's reasonable satisfaction that the validity, applicability or amount thereof by an appropriate legal proceeding which operates proceedings shall conclusively operate to prevent the collection of such amounts and the sale of the Mortgaged PremisesTrust Estate, or any portion part thereof; provided, however, that to satisfy such Imposition prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice final determination of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advances.proceedings; or
Appears in 1 contract
Samples: Deed of Trust (Emeritus Corp\wa\)
Taxes and Impositions. (Aa) Borrower Subject to the provisions of subsection (c) of this Section 1.09 and to the provisions of Section 1.10 hereof, Grantor shall pay or cause to be paid and shall furnish evidence of payment thereof to Beneficiary, at least ten (i10) pay and discharge all Impositions days prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including without limitation nongovernmental levies or assessments such as maintenance charges, levies or charges resulting from covenants, conditions and restrictions affecting the Mortgaged Estate, which are assessed or imposed upon the Mortgaged Estate, or become due and payable, and which create, may create or appear to create a lien upon the Mortgaged Estate, or any part thereof (all of which taxes, assessments and other governmental and nongovernmental charges of like nature are hereinafter referred to as "Impositions"); provided that if, by law, any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Grantor may pay the same together with any accrued interest on the unpaid balance of such Imposition in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(b) If at any time after the date hereof there shall be assessed or imposed (i) a tax or assessment on the Mortgaged Estate in lieu of or in addition to the Impositions payable by Grantor pursuant to subsection (a) above, or (ii) provide Lender validated receipts a license fee, tax or assessment imposed on Beneficiary and measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such other evidence satisfactory taxes, assessments or fees shall be deemed to Lender showing be included within the term Impositions, and Grantor shall pay and discharge the same as herein provided with respect to the payment of such Impositions within thirty (30) days after Impositions. At the same would have otherwise option of Beneficiary, all obligations secured hereby together with all accrued interest thereon, shall become delinquent. Borrower’s obligation due and payable in the event that Grantor shall not be permitted to pay such fees, taxes or assessments on behalf of Beneficiary.
(c) Grantor shall have the Impositions pursuant right before any delinquency occurs to this Agreement shall include, contest or object to the extent permitted amount or validity of any Imposition by applicable lawappropriate legal proceedings, taxes resulting from future changes but such right shall not be deemed or construed in law which impose upon Lender an obligation any way as relieving, modifying, or extending Grantor's covenant to pay any property taxes such Imposition at the time and in the manner provided in this Section 1.09, unless Grantor has given prior written notice to Beneficiary of Grantor's intent to so contest or other Impositions. Should Borrower default on any payment of any Impositionsobject to an Imposition, Lender may and unless, at Beneficiary's sole option, (but i) Grantor shall not be obligated to) pay such Impositions or any portion thereof and Borrower demonstrate to Beneficiary's reasonable satisfaction that the legal proceedings shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates conclu sively operate to prevent the collection of such amounts and the sale of the Mortgaged PremisesEstate, or any portion part thereof; provided, however, that to satisfy such Imposition prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice final determination of such contest and proceedings, (ii) deposited with Lender, Grantor shall furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Beneficiary or (iii) Grantor shall deposit such additional amounts have provided a good and sufficient undertaking as are necessary may be required or permitted by law to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance accomplish a stay of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesproceedings.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Texfi Industries Inc)
Taxes and Impositions. (Aa) Borrower Mortgagor agrees to pay, at least ten (10) days prior to the accrual of any interest or penalty thereon, all real property taxes and assessments, general and special, and all other taxes arid assessments of any kind or nature whatsoever, including, without limitation, nongovernmental levies or assessments such as maintenance charges, owner association dues or charges or fees, levies or charges resulting from covenants, conditions and restrictions affecting the Premises, charges for any easement or agreement maintained for the benefit of the Premises, which are assessed or imposed upon any of the Premises, or against Mortgagor or arising in respect of the occupancy, use or possession thereof, or become due and payable in respect thereof, or upon any Personal Property, equipment or other facilities used in the operation or management thereof (all of which taxes, assessments and other governmental charges of a like or different nature are hereinafter referred to as "Impositions"); provided, however, that if any such Imposition lawfully may be paid in installments, Mortgagor may pay such Imposition together with any accrued interest on the unpaid balance of such Imposition, in installments as they become due , and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(b) If under the provisions of any law or ordinance now or hereafter in effect there shall be assessed or . imposed (i) a tax or assessment on the Premises in lieu of or in addition to the Impositions payable by Mortgagor pursuant to subparagraph (a) hereof, or (ii) a license fee, tax or assessment on Mortgagee measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such taxes, assessments or fees shall be deemed to be included within the term "Impositions" as defined in subparagraph (a) hereof, and Mortgagor shall pay and discharge all Impositions prior the same as herein provided with respect to delinquency, and (ii) provide Lender validated receipts or such other evidence satisfactory to Lender showing the payment of Impositions and if such Impositions are not paid by Mortgagor, then at the option of Mortgagee, all obligations secured hereby together with all accrued interest thereon, shall immediately become due and payable. Anything to the contrary herein notwithstanding, Mortgagor shall have no obligation to pay any franchise, estate, inheritance, income, excess profits or similar tax levied on Mortgagee or on the obligations secured hereby.
(c) Subject to the provisions of subsection (d) of this Section 1.09, Mortgagor covenants to furnish Mortgagee within thirty (30) days after the same would date upon which any such Imposition is due and payable by Mortgagor, official receipts of the appropriate taxing or other authority, or other proof satisfactory to Mortgagee, evidencing the payments thereof.
(d) Mortgagor shall have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includeright, before any delinquency occurs, to contest or object to the extent permitted amount or validity of any such Imposition by applicable lawappropriate legal proceedings, taxes resulting from future changes but this shall not be deemed or construed in law which impose upon Lender an obligation any way as relieving, modifying or extending the covenants of Mortgagor to pay any property taxes such Imposition at the time and in the manner provided in this Section 1.09, unless Mortgagor shall have given prior written notice to Mortgagee of intent to so contest or other Impositions. Should Borrower default on any payment of any Impositionsobject to an Imposition, Lender may and unless, at Mortgagee's sole option, (but i) Mortgagor shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required demonstrate to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or Mortgagee's satisfaction that the validity, applicability or amount thereof by an appropriate legal proceeding which operates shall operate conclusively to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion part thereof; provided, however, that to satisfy such Imposition prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice final determination of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advances.proceedings; or
Appears in 1 contract
Samples: Open End Mortgage and Security Agreement (Alterra Healthcare Corp)
Taxes and Impositions. 4.7.1 Borrower agrees to pay, not less than thirty (A30) days before the accrual of any interest or penalty thereon, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, which are assessed or imposed upon any of the Property, or against Borrower shall with respect to the occupancy, use or possession of the Property, or upon any of the Personal Property, including, nongovernmental levies or assessments such as maintenance charges, owner association dues or charges or fees, levies or charges resulting from covenants, conditions and restrictions affecting the Property, charges for any easement or agreement maintained for the benefit of the Property (all of which taxes, assessments and any other similar governmental charges are hereinafter referred to as "Impositions"); provided, however, that if any such Imposition lawfully may be paid in installments, Borrower may pay such Imposition together with any accrued interest on the unpaid balance of such Imposition, in installments as they become due and not less than thirty (30) days before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
4.7.2 Borrower will deposit with Lender, in monthly installments on the day installments of principal and interest are due under the Note, an amount equal to one-twelfth of the estimated current year's aggregate Impositions, or such greater amount as Lender reasonably estimates will be needed to pay the next succeeding scheduled payment of Impositions. If the Land is not treated as a separate parcel for purposes of any Impositions, Lender retains the right to require that Borrower deposit monthly installments equal to one-twelfth of all Impositions imposed on all parcels taxed with the Land. Borrower further agrees, upon Lender's request, to cause all bills, statements or other documents related to the Impositions to be sent or mailed directly to Lender. Upon receipt of such bills, statements or other documents and provided Borrower has deposited sufficient funds with Lender pursuant to this Section 4.7.2, and provided that an Event of Default has not occurred, Lender will pay such amounts as may be due with respect to such Impositions out of funds so deposited with Lender. If at any time and for any reason the funds deposited with Lender are or will be insufficient to pay such amounts as may then or subsequently be due, Lender will notify Borrower and Borrower will immediately deposit an amount equal to such deficiency with Lender. Notwithstanding the foregoing, nothing contained herein will cause Lender to be deemed a trustee of said funds or to be obligated to pay any amounts in excess of the amount of funds deposited with Lender pursuant to this Section 4.7.2. Lender may commingle said deposits with its own funds and Borrower will be entitled to no interest on said funds. Should Borrower fail to deposit with Lender sums sufficient to fully pay any Impositions at least thirty (30) days before they may be due, Lender may, (i) pay advance any amounts required to make up the deficiency, which Advances will be secured by the Mortgage, bear interest at the Default Rate and discharge all Impositions prior will be repayable to delinquencyLender immediately upon Lender's demand, and or (ii) provide at its option, and without making any Advance whatsoever, apply any sums held by Lender validated receipts to the Impositions.
4.7.3 Any license fee, tax or such other evidence satisfactory to assessment now or hereafter assessed or imposed on Lender showing under the payment provisions of any Law measured by or based in whole or in part upon the amount of the Indebtedness, will be deemed included within the term "Impositions" as defined in Section 4.7.1. If such Impositions are not paid by Borrower when due or if payment thereof by Borrower is prohibited by Law, then at the option of Lender, the Indebtedness will immediately become due and payable, provided, Borrower will have no obligation to pay any franchise, estate, inheritance, income, excess profits or similar tax levied on the general revenues of Lender.
4.7.4 Borrower agrees to furnish Lender within thirty (30) days after the same would date upon which any Imposition is due and payable by Borrower, official receipts of the appropriate Governmental Authority, or other proof satisfactory to Lender, evidencing the payment in full.
4.7.5 Borrower will have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includeright, before any delinquency occurs, to contest or object to the extent permitted amount or validity of any Imposition by applicable lawappropriate legal proceedings, taxes resulting from future changes but this will not be deemed or construed in law which impose upon Lender an any way as affecting Borrower's obligation to pay any property taxes or other Impositions. Should Imposition at the time and in the manner provided in this Section 4.7, unless Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) has given Lender prior written notice to Lender of such its intent to so contest and (ii) deposited with Lenderor object to an Imposition, and shall deposit such additional amounts as are necessary unless, at Lender's sole option (a) Borrower demonstrates to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of Lender's satisfaction that the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition legal proceeding will operate conclusively to prevent the sale of or forfeiture foreclosure of any Lien against the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure Property to so apply any amount deposited. Any surplus retained by Lender after payment satisfy such Imposition before final determination of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advances.proceedings; or
Appears in 1 contract
Taxes and Impositions. (Aa) Borrower Trustor shall (i) pay and discharge all Impositions pay, or cause to be paid prior to delinquency, all real property taxes and (ii) provide Lender validated receipts assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, nongovernmental levies or assessments such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includeas maintenance charges, to the extent permitted by applicable law, taxes levies or charges resulting from future changes in law covenants, conditions and restrictions affecting the Trust Estate, which impose are assessed or imposed upon Lender an obligation the Trust Estate, or become due and payable, and which create, may create or appear to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or create a lien upon the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged PremisesTrust Estate, or any portion part thereof, or upon any property, equipment or other facility used in the operation or maintenance thereof (all the above shall collectively be hereinafter referred to as "Impositions"); provided, however, that prior if, by law any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Trustor may pay the same or cause it to be paid, together with any accrued interest on the unpaid balance of such Imposition, in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(b) If at any time after the date on which such Imposition would otherwise have become delinquent, Borrower hereof there shall have be assessed or imposed (i) given Lender prior written notice a tax or assessment on the Trust Estate in lieu of such contest and or in addition to the impositions payable by Trustor pursuant to Section 1.10(a), or (ii) deposited with Lendera license fee, tax or assessment imposed on Beneficiary and shall deposit such additional amounts as are necessary to keep on deposit at all times, measured by or based in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued whole or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, part upon the amount of the outstanding obligations secured hereby, then all such Imposition taxes, assessments or fees shall be deemed to be included within the term "Impositions" as finally determined, together defined in Section 1.10(a) and Trustor shall pay and discharge the same as herein provided with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause respect to the payment of any unpaid Imposition Impositions. If Trustor fails to prevent pay such Impositions prior to delinquency or if Trustor is prohibited by law from paying such Impositions, Beneficiary may at its option declare all obligations secured hereby together with all accrued interest thereon, immediately due and payable. Anything to the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender contrary herein notwithstanding, Trustor shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses obligation to pay any such Impositionfranchise, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender estate, inheritance, income, excess profits or similar tax levied on demand for all such advancesBeneficiary or on the obligations secured hereby.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement, Financing Statement and Fixture Filing (Can Cal Resources LTD)
Taxes and Impositions. (Aa) Borrower shall (i) pay and discharge all Impositions prior to delinquency, and (ii) . Borrower shall provide to Lender validated receipts or such other evidence satisfactory to Lender showing the payment of such Impositions all real estate and personal property taxes within thirty (30) 15 days after the same would otherwise have otherwise become delinquent. Borrower’s 's obligation to pay the Impositions pursuant to this Agreement shall include, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any in the payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s)Advances.
(Bb) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions Imposition or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, Property or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, delinquent Borrower shall have (i) given Lender prior written notice of such contest contest, and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary provided reasonable evidence to keep on deposit at all times, in an amount equal Lender that Borrower has available funds to at least one hundred percent (100%) of the total of (A) pay the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions provision of this clause Section 4.1.A to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute reasonable discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, Property is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesAdvances.
Appears in 1 contract
Taxes and Impositions. (A) Borrower shall (i) agrees to pay and discharge all Impositions prior to delinquencydelinquency all real property taxes and assessments, general and special, and (ii) provide Lender validated receipts all other taxes and assessments of any kind or nature whatsoever, including without limitation, service payments in lieu of real property taxes, non-governmental levies or assessments such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includeas maintenance charges, to the extent permitted by applicable lawsewer user charges, taxes owner association dues or charges or fees, levies or charges resulting from future changes in law covenants, conditions and restrictions affecting the Property, which impose are assessed or imposed upon Lender an obligation to pay any property taxes the Property, or other Impositions. Should Borrower default on any payment of any Impositionsbecome due and payable, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or which create a lien upon the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged PremisesProperty, or any portion thereofpart thereof (all of which taxes, assessments and other charges of like nature are hereinafter referred to as "Impositions"); provided, however, that prior to the date on which if, by law, any such Imposition would otherwise have is payable, or may at the option of Borrower be paid, in installments, Borrower may pay the same together with any accrued interest on the unpaid balance of such Imposition in installments as the same become delinquentdue and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest. Upon Lender's written request, Borrower shall promptly furnish to Lender receipts evidencing such payments. Notwithstanding the foregoing, Borrower shall have the right to contest in good faith by appropriate legal or other proceedings the validity or amount of any such tax, assessment or charge, provided that (ia) given Borrower gives Lender prior written notice of such its intent to contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaidsame, and (Bb) all interestBorrower, penaltiesupon request of Lender, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause demonstrates to the payment reasonable 31 satisfaction of any unpaid Imposition Lender that such legal or other proceedings shall operate to prevent the sale or forfeiture of the Mortgaged Premises Property (or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure ) to so apply any amount deposited. Any surplus retained by Lender after satisfy the payment of the Imposition for which a deposit was madetax, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premisesassessment, or any portion thereof or any Collateral, is charge in jeopardy or in danger question prior to final determination of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesproceedings.
Appears in 1 contract
Samples: Loan Agreement (Jameson Inns Inc)
Taxes and Impositions. (Aa) Such Borrower shall (i) pay all Taxes and discharge all Impositions prior Other Charges as they become due and payable. Such Borrower will deliver to delinquency, and (ii) provide Lender validated receipts or such other evidence satisfactory to Lender showing that the payment of such Impositions within Taxes and Other Charges have been so paid, or are not then delinquent, no later than thirty (30) days after following the same date on which the Taxes and/or Other Charges would have otherwise be delinquent if not paid. Such Borrower shall not suffer, and shall promptly cause to be paid and discharged, any lien or charge whatsoever which may be or become a lien or charge against the Properties, and shall promptly pay for all utility services provided to the Properties. Such Borrower shall furnish to Lender or its designee receipts for the payment of the Taxes, Other Charges and charges for utility services prior to the date that such obligations shall become delinquent. Borrower’s obligation Such Borrower shall be entitled to contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount of any Taxes or Other Charges. Notwithstanding the preceding sentence, during the pendency of any such contest such Borrower shall pay or cause to be paid all Taxes and Other Charges as and when due and payable, or otherwise in accordance with this paragraph.
(b) Notwithstanding the provisions of Sections 4.1.1 (a) and 4.1.3 hereof, such Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's or materialman's lien asserted against a Property if, and so long as: (a) such Borrower shall have notified Lender of such nonpayment and the reasons therefor within ten (10) days of obtaining knowledge thereof; (b) such Borrower shall diligently and in good faith contest such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection thereof and the sale of a Property or any part thereof, in satisfaction thereof; (c) such Borrower shall have furnished to Lender a cash deposit, or an indemnity bond satisfactory to Lender with a surety satisfactory to Lender, in the amount of the Taxes, other Charges or mechanic's or materialman's lien claim, plus a reasonable additional sum to pay all costs, interest and penalties that may be imposed or incurred in connection therewith, to assure payment of the matters under contest and to prevent any sale or forfeiture of
a Property or any part thereof; (d) such Borrower shall promptly upon final determination thereof pay the amount of any such Taxes, Other Charges or claim so determined, together with all costs, interest and penalties which may be payable in connection therewith; and (e) the failure to pay the Impositions Taxes, Other Charges or mechanic's or materialman's lien claim does not constitute a default under any other deed of trust, mortgage or security interest covering or affecting any part of a Property. Notwithstanding the foregoing, such Borrower shall immediately upon request of Lender pay (and if such Borrower shall fail so to do, Lender may, but shall not be required to, pay or cause to be discharged or bonded against) any such Taxes, Other Charges or claim notwithstanding such contest, if in the opinion of Lender, a Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established.
(c) Such Borrower shall pay to Lender on the date hereof and thereafter monthly on the first (lst) day of each calendar month: (a) one-twelfth (1/12th) of an amount which would be sufficient to pay the Taxes and Other Charges payable, or estimated by Lender to be payable, during the next ensuing twelve (12) months; and (b) in the event any Borrower fails to pay any Insurance Premium when due or allows any insurance coverage to lapse, or an Event of Default occurs, one-twelfth (1/12th) of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the expiration thereof (the amounts described in clauses (a) and (b) above, collectively, the "Tax and Insurance Escrow Fund"). The Tax and Insurance Escrow Fund and the monthly installments of principal and interest payable under the Notes shall be added together and shall be paid as an aggregate sum by such Borrower to Lender. Such Borrower hereby pledges to Lender any and all monies now or hereafter deposited in the Tax and Insurance Escrow Fund as additional security for the payment of the Debt. Lender will apply the Tax and Insurance Escrow Fund to payments of Taxes and Insurance Premiums required to be made by such Borrower pursuant to this Agreement Section 4.1.1
(a) hereof. If the amount of the Tax and Insurance Escrow Fund shall includeexceed the amounts due for Taxes and Insurance Premiums pursuant to Section 4.1.1(a) hereof, Lender shall, in its discretion, either return any excess to such Borrower or credit such excess against future payments to be made to the Tax and Insurance Escrow Fund. If the Tax and Insurance Escrow Fund is not sufficient to pay the items set forth in Section 4.1.1
(a) above, such Borrower shall promptly pay to Lender, upon demand, an amount which Lender shall estimate as sufficient to make up the deficiency. Upon the occurrence of an Event of Default, Lender may apply any sums then comprising the Tax and Insurance Escrow Fund to the payment of the Debt in any order in its sole discretion. Until expended or applied as above provided, any amounts in the Tax and Insurance Escrow Fund shall constitute additional security for the Debt. To the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but the Tax and Insurance Escrow Fund shall not constitute a trust fund and may be obligated to) pay such Impositions commingled with other monies held by Lender. No earnings or any portion thereof interest on the Tax and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest Insurance Escrow Fund shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of payable to such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesBorrower.
Appears in 1 contract
Samples: Loan Agreement (Clubcorp Inc)
Taxes and Impositions. (A) Borrower shall (i) agrees to pay and discharge all Impositions prior to delinquencydelinquency all real property taxes and assessments, general and special, and (ii) provide Lender validated receipts all other taxes and assessments of any kind or nature whatsoever, including without limitation, service payments in lieu of real property taxes, non-governmental levies or assessments such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includeas maintenance charges, to the extent permitted by applicable lawsewer user charges, taxes owner association dues or charges or fees, levies or charges resulting from future changes in law covenants, conditions and restrictions affecting the Property, which impose are assessed or imposed upon Lender an obligation to pay any property taxes the Property, or other Impositions. Should Borrower default on any payment of any Impositionsbecome due and payable, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or which create a lien upon the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged PremisesProperty, or any portion thereofpart thereof (all of which taxes, assessments and other charges of like nature are hereinafter referred to as "Impositions"); provided, however, that prior to the date on which if, by law, any such Imposition would otherwise have is payable, or may at the option of Borrower be paid, in installments, Borrower may pay the same together with any accrued interest on the unpaid balance of such Imposition in installments as the same become delinquentdue and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest. Upon Lender's written request, Borrower shall promptly furnish to Lender receipts evidencing such payments. Notwithstanding the foregoing, Borrower shall have the right to contest in good faith by appropriate legal or other proceedings the validity or amount of any such tax, assessment or charge, provided that (ia) given Borrower gives Lender prior written notice of such its intent to contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaidsame, and (Bb) all interestBorrower, penaltiesupon request of Lender, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause demonstrates to the payment reasonable satisfaction of any unpaid Imposition Lender that such legal or other proceedings shall operate to prevent the sale or forfeiture of the Mortgaged Premises Property (or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure ) to so apply any amount deposited. Any surplus retained by Lender after satisfy the payment of the Imposition for which a deposit was madetax, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premisesassessment, or any portion thereof or any Collateral, is charge in jeopardy or in danger question prior to final determination of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesproceedings.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Standard Management Corp)
Taxes and Impositions. (A) Borrower shall (i) pay and discharge all Impositions prior to delinquency, and (ii) if requested by Lender, provide Lender validated receipts or such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall include, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s)Advances.
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred ten percent (100110%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesAdvances.
Appears in 1 contract
Samples: Loan and Security Agreement (Smith & Wesson Holding Corp)
Taxes and Impositions. (A) Subject to Xxxxxxxx’s right to claim exemptions under California Revenue and Taxation Code Section 214, Borrower shall (i) pay and discharge all Impositions or cause to be paid, prior to delinquency, all of the following (collectively, the “Impositions”): (a) all general and specific real property taxes and assessments imposed on the Property; (b) all other taxes and assessments and charges of every kind that are assessed upon the Property (or upon the owner and/or operator of the Property) and that create or may create a lien upon the Property (or upon any personal property or fixtures used in connection with the Property), including without limitation nongovernmental levies and assessments pursuant to applicable covenants, conditions or restrictions; and (iic) provide Lender validated receipts all license fees, taxes and assessments imposed on Bondowner Representative (other than Bondowner Representative’s income or such other evidence satisfactory to Lender showing franchise taxes) which are measured by or based upon (in whole or in part) the payment amount of such Impositions within thirty (30) days after the same would have otherwise become delinquentobligations secured by the Property. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall include, to the extent If permitted by applicable law, taxes resulting from future changes Borrower may pay or cause to be paid any Imposition in law which impose upon Lender an obligation to pay installments (together with any property taxes or other Impositionsaccrued interest). Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge pay or remove cause to be paid any Imposition so long as Borrower contests (d) its validity is being actively contested in good faith and by appropriate proceedings, (e) Borrower has demonstrated to Bondowner Representative’s reasonable satisfaction that leaving such Impositions or Imposition unpaid pending the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection outcome of such amounts and the sale proceedings could not result in conveyance of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which Property in satisfaction of such Imposition would or otherwise have become delinquentimpair Bondowner Representative’s interests under the Loan Documents and (f) if Bondowner Representative shall so request, Xxxxxxxx has furnished Bondowner Representative with a bond or other security satisfactory to Bondowner Representative in an amount not less than 100% of the applicable claim. Upon demand by Bondowner Representative from time to time, Borrower shall have (ig) given Lender prior written notice deliver to Bondowner Representative, within 30 days following the due date of Imposition, evidence of payment or other satisfaction of such contest Imposition reasonably satisfactory to Bondowner Representative and (iih) deposited with Lenderfurnish to Bondowner Representative a tax reporting service for the Property of a type and duration, and with a company reasonably satisfactory to Bondowner Representative. The sole member of Xxxxxxxx’s General Partner shall deposit such additional amounts as are take all actions necessary to keep on deposit at all times, in an amount equal obtain and maintain tax exempt status pursuant to at least one hundred percent (100%501(c)(3) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancescode.
Appears in 1 contract
Samples: Loan Agreement
Taxes and Impositions. (Aa) Such Borrower shall (i) pay all Taxes and discharge all Impositions prior Other Charges as they become due and payable. Such Borrower will deliver to delinquency, and (ii) provide Lender validated receipts or such other evidence satisfactory to Lender showing that the payment of such Impositions within Taxes and Other Charges have been so paid, or are not then delinquent, no later than thirty (30) days after following the same date on which the Taxes and/or Other Charges would have otherwise be delinquent if not paid. Such Borrower shall not suffer, and shall promptly cause to be paid and discharged, any lien or charge whatsoever which may be or become a lien or charge against the Properties, and shall promptly pay for all utility services provided to the Properties. Such Borrower shall furnish to Lender or its designee receipts for the payment of the Taxes, Other Charges and charges for utility services prior to the date that such obligations shall become delinquent. Borrower’s obligation Such Borrower shall be entitled to contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount of any Taxes or Other Charges. Notwithstanding the preceding sentence, during the pendency of any such contest such Borrower shall pay or cause to be paid all Taxes and Other Charges as and when due and payable, or otherwise in accordance with this paragraph.
(b) Notwithstanding the provisions of Sections 4.1.1(a) and 4.1.3 hereof, such Borrower shall not be in default for failure to pay or discharge Taxes, Other Charges or a mechanic's or materialman's lien asserted against a Property if, and so long as: (a) such Borrower shall have notified Lender of such nonpayment and the reasons therefor within ten (10) days of obtaining knowledge thereof; (b) such Borrower shall diligently and in good faith contest such Taxes, Other Charges or lien by appropriate legal proceedings which shall operate to prevent the enforcement or collection thereof and the sale of a Property or any part thereof, in satisfaction thereof; (c) such Borrower shall have furnished to Lender a cash deposit, or an indemnity bond satisfactory to Lender with a surety satisfactory to Lender, in the amount of the Taxes, other Charges or mechanic's or materialman's lien claim, plus a reasonable additional sum to pay all costs, interest and penalties that may be imposed or incurred in connection therewith, to assure payment of the matters under contest and to prevent any sale or forfeiture of a Property or any part thereof; (d) such Borrower shall promptly upon final determination thereof pay the amount of any such Taxes, Other Charges or claim so determined, together with all costs, interest and penalties which may be payable in connection therewith; and (e) the failure to pay the Impositions Taxes, Other Charges or mechanic's or materialman's lien claim does not constitute a default under any other deed of trust, mortgage or security interest covering or affecting any part of a Property. Notwithstanding the foregoing, such Borrower shall immediately upon request of Lender pay (and if such Borrower shall fail so to do, Lender may, but shall not be required to, pay or cause to be discharged or bonded against) any such Taxes, Other Charges or claim notwithstanding such contest, if in the opinion of Lender, a Property or any part thereof or interest therein may be in danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Lender may pay over any such cash deposit or part thereof to the claimant entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established.
(c) Such Borrower shall pay to Lender on the date hereof and thereafter monthly on the first (1st) day of each calendar month: (a) one-twelfth (1/12th) of an amount which would be sufficient to pay the Taxes and Other Charges payable, or estimated by Lender to be payable, during the next ensuing twelve (12) months; and (b) in the event any Borrower fails to pay any Insurance Premium when due or allows any insurance coverage to lapse, or an Event of Default occurs, one-twelfth (1/12th) of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the expiration thereof (the amounts described in clauses (a) and (b) above, collectively, the "Tax and Insurance Escrow Fund"). The Tax and Insurance Escrow Fund and the monthly installments of principal and interest payable under the Notes shall be added together and shall be paid as an aggregate sum by such Borrower to Lender. Such Borrower hereby pledges to Lender any and all monies now or hereafter deposited in the Tax and Insurance Escrow Fund as additional security for the payment of the Debt. Lender will apply the Tax and Insurance Escrow Fund to payments of Taxes and Insurance Premiums required to be made by such Borrower pursuant to this Agreement Section 4.1.1(a) hereof. If the amount of the Tax and Insurance Escrow Fund shall includeexceed the amounts due for Taxes and Insurance Premiums pursuant to Section 4.1.1(a) hereof, Lender shall, in its discretion, either return any excess to such Borrower or credit such excess against future payments to be made to the Tax and Insurance Escrow Fund. If the Tax and Insurance Escrow Fund is not sufficient to pay the items set forth in Section 4.1.1(a) above, such Borrower shall promptly pay to Lender, upon demand, an amount which Lender shall estimate as sufficient to make up the deficiency. Upon the occurrence of an Event of Default, Lender may apply any sums then comprising the Tax and Insurance Escrow Fund to the payment of the Debt in any order in its sole discretion. Until expended or applied as above provided, any amounts in the Tax and Insurance Escrow Fund shall constitute additional security for the Debt. To the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but the Tax and Insurance Escrow Fund shall not constitute a trust fund and may be obligated to) pay such Impositions commingled with other monies held by Lender. No earnings or any portion thereof interest on the Tax and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest Insurance Escrow Fund shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of payable to such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesBorrower.
Appears in 1 contract
Samples: Loan Agreement (Clubcorp Inc)
Taxes and Impositions. (A) Borrower shall (i) pay and discharge all Impositions prior to delinquency, and (ii) provide Lender validated receipts or such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall include, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s)advances.
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligenceset aside on its books, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained reserves deemed by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender it to be applied to the obligations in the sole discretion of the Lenderadequate with respect thereto. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateralthereof, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advances.
Appears in 1 contract
Samples: Loan Agreement (Mestek Inc)
Taxes and Impositions. (Aa) Borrower shall (i) pay and discharge all Impositions prior to delinquency, and (ii) provide Lender validated receipts or such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation agrees to pay or cause to be paid, before any penalty or interest attaches, all general taxes and all special taxes, special assessments, water, drainage and sewer charges and all other charges, of any kind whatsoever, ordinary or extraordinary, which may be levied, assessed or imposed on or against the Impositions pursuant Mortgaged Property (all of which taxes, assessments and charges are hereinafter referred to this Agreement shall includeas "Impositions") and, at the request of Agent, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation exhibit to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay Agent official receipts evidencing such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereofpayments; provided, however, that in the case of any special assessment (or other imposition in the nature of a special assessment) payable in installments, each installment thereof shall be paid prior to the date on which each such Imposition would otherwise have become delinquentinstallment becomes due and payable. Borrower agrees to exhibit to Agent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any and at any time upon request, official receipts showing payment of all Impositions which Borrower is required or elects to pay or cause to be paid hereunder.
(b) If Borrower fails to pay or cause to be paid such contest shall be prosecuted with Impositions when due diligenceand such failure continues beyond any applicable grace or cure period set forth herein or in the Loan Agreement, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender Agent shall have full power the option to pay and authority discharge the same without notice to apply Borrower and any amount deposited with Lender pursuant sum so expended by Agent shall at once become indebtedness owing from Borrower to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was madeAgent, shall be repaid immediately due and payable by Borrower with interest thereon to the extent legally enforceable at the Post-Default Rate (as defined in the Loan Agreement) and shall together be added to the Obligations secured hereunder.
(c) In the event that any court of last resort enters a decision that the undertaking by the Borrower unless provided for in this Paragraph 4 to pay Impositions in connection with the Mortgaged Property, or the manner of collection of any such taxes, is legally inoperative or cannot be enforced, so as to affect adversely the Agent, Agent shall have the right to exercise any remedies it would have upon the occurrence of an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied (as hereinafter defined) under this Instrument with respect to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contraryMortgaged Property, Borrower and shall pay any Imposition which it might otherwise be entitled to contest ifapply any amounts realized from the exercise of such remedies to the Obligations, regardless of whether such Obligations are then due and payable, in such manner as Agent, in its sole discretion, shall determine; provided, however, that Borrower, upon the sole and absolute discretion prior written consent of LenderAgent, shall have the Mortgaged Premises, or any portion thereof or any Collateral, is right to contest in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay good faith any such Impositiontax, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesassessment or charge.
Appears in 1 contract
Taxes and Impositions. (Aa) Borrower shall (i) pay and discharge all Impositions pay, or cause to be paid prior to delinquency, all real property taxes and (ii) provide Lender validated receipts assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, nongovernmental levies or assessments such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includeas maintenance charges, to the extent permitted by applicable law, taxes levies or charges resulting from future changes in law covenants, conditions and restrictions affecting the Trust Estate, which impose are assessed or imposed upon Lender an obligation the Trust Estate, or become due and payable, and which create, may create or appear to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or create a lien upon the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged PremisesTrust Estate, or any portion part thereof, or upon any person, property, equipment or other facility used in the operation or maintenance thereof (all the above collectively hereinafter referred to as "Impositions"); provided, however, that if, by law any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Borrower may pay the same or cause it to be paid, together with any accrued interest on the unpaid balance of such Imposition, in installments before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(b) If at any time after the date hereof there is assessed or imposed (i) a tax or assessment on the Trust Estate in lieu of or in addition to the Impositions payable by Borrower pursuant to Section 1.8(a), or (ii) a license fee, tax or assessment imposed on Lender and measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such taxes, assessments or fees will be deemed to be included within the term "Impositions" as defined in Section 1.8(a) and Borrower shall pay and discharge the same as herein provided with respect to the payment of Impositions. If Borrower fails to pay such Impositions prior to delinquency or if Borrower is prohibited by law from paying such Impositions, Lender may at its option declare all obligations secured hereby together with all accrued interest thereon, immediately due and payable. Anything to the date contrary herein notwithstanding, Borrower will have no obligation to pay any franchise, estate, inheritance, income, excess profits or similar tax levied on which such Imposition would otherwise have become delinquentLender or on the obligations secured hereby.
(c) Subject to the provisions of Section 1.8(d) and upon request by Lender, Borrower shall have deliver to Lender before any such Imposition is due and payable official receipts of the appropriate taxing authority, or other proof reasonably satisfactory to Lender, evidencing the payment thereof.
(d) Borrower has the right to contest or object to the amount or validity of any such Imposition by appropriate proceedings, but this will not be deemed or construed in any way as relieving, modifying or extending Borrower's covenant to pay any such Imposition at the time and in the manner provided in this Section 1.8, unless Borrower has given prior written notice to Lender prior to delinquency of the same of Borrower's intent to so contest or object to an Imposition, and unless, at Lender's sole option, (i) given Lender Borrower demonstrates to Lender's reasonable satisfaction that the proceedings to be initiated by Borrower will conclusively operate to prevent the sale of the Trust Estate, or any part thereof, to satisfy such Imposition prior written notice to final determination of such contest and proceedings; or (ii) deposited with Borrower furnishes a good and sufficient bond or surety as requested by and reasonably satisfactory to Lender; or (iii) Borrower demonstrates to Lender's reasonable satisfaction that Borrower has provided as good and sufficient undertaking as may be required or permitted by law to accomplish a stay of any such sale.
(e) After the occurrence of an Event of Default (whether or not such Event of Default is subsequently cured), upon request by Lender, and Borrower shall deposit such additional amounts as are necessary pay to keep on deposit at all times, Lender an initial cash reserve in an amount equal to at least one hundred percent one-half (100%½) of all Impositions for the ensuing tax fiscal year and shall thereafter continue to deposit with Lender, in monthly installments, an amount equal to one-twelfth (1/12) of the total sum of the annual Impositions reasonably estimated by Lender, for the purpose of paying the installment of Impositions next due on the Trust Estate (A) the balance funds deposited for this purpose will hereinafter be referred to as "Impounds"). In such event Borrower further agrees to cause all bills, statements or other documents relating to Impositions to be sent or mailed directly to Lender. Upon receipt of such Imposition then remaining unpaidbills, statements or other documents, and (B) all interestproviding Borrower has deposited sufficient Impounds with Lender pursuant to this Section 1.8(e), penalties, costs and charges accrued or accumulated thereon. Lender shall keep timely pay such amounts as may be due thereunder out of the Impounds so deposited with Lender. If at any time and for any reason the Impounds deposited with Lender are or will be insufficient to pay such amounts as may then or subsequently be due, Lender may, at its option, notify Borrower and upon such notice Borrower shall deposit immediately an amount equal to such deficiency with Lender. Notwithstanding the foregoing, nothing contained herein will cause Lender to be deemed a trustee of said deposited funds or to be obligated to pay any amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, excess of the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount funds deposited with Lender pursuant to this clause Section 1.8(e). Lender may commingle Impounds with its own funds and will not be obligated to pay or allow any interest on any Impounds held by Lender pending disbursement or application hereunder. Lender may reserve for future payment of Impositions such portion of the Impounds as Lender may in its absolute discretion deem proper. Should Borrower fail to deposit with Lender (exclusive of that portion of said payments that has been applied by Lender upon any indebtedness or obligation secured hereby) sums sufficient to fully pay such Impounds at least fifteen (15) days before delinquency thereof, Lender may, at Lender's election, but without any obligation to do so, advance any amounts required to make up the deficiency, which advances, if any, will be secured hereby and will be repayable to Lender as herein elsewhere provided, or Lender may, at its option and without making any advance notice whatever, apply any Impounds held by it upon any indebtedness or obligation secured hereby in such order as Lender may determine, notwithstanding that said indebtedness or the performance of said obligation may not yet be due according to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment terms thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment Upon the occurrence of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurredDefault, Lender may, at any time at Lender's option, apply any sums or amounts in which case its hands received pursuant to Sections 1.4(b) and 1.8(e) hereof, or as rents or income of the Trust Estate or otherwise, to any indebtedness or obligation of Borrower secured hereby in such manner and order as Lender may elect, notwithstanding said surplus indebtedness or the performance of said obligation may not yet be retained by Lender to be applied due according to the obligations in terms thereof. The receipt, use or application of any such Impounds paid by Borrower to Lender hereunder will not be construed to affect the sole discretion maturity of any indebtedness secured by this Deed of Trust or any of the Lender. Notwithstanding rights or powers of Lender or Trustee under the terms of the Loan Documents or any provisions of this clause the obligations of Borrower or any guarantor under the Loan Documents.
(f) Borrower shall not suffer, permit or initiate the joint assessment of any real and personal property which may constitute all or a portion of the Trust Estate or suffer, permit or initiate any other procedure whereby the lien of the real property taxes and the lien of the personal property taxes will be assessed, levied or charged to the contraryTrust Estate as a single lien.
(g) Upon the request of Lender, Borrower shall pay any Imposition which it might otherwise promptly cause to be entitled furnished to contest if, in the sole and absolute discretion of Lender, at Borrower's expense, a tax reporting service covering the Mortgaged PremisesTrust Estate of the type, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses duration and with a company satisfactory to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesLender.
Appears in 1 contract
Samples: Deed of Trust (Pro Dex Inc)
Taxes and Impositions. (Aa) Borrower Trustor shall (i) pay and discharge all Impositions pay, or cause to be paid prior to delinquency, all real property taxes and (ii) provide Lender validated receipts assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, nongovernmental levies or assessments such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includeas maintenance charges, to the extent permitted by applicable law, taxes levies or charges resulting from future changes in law covenants, conditions and restrictions affecting the Trust Estate, which impose are assessed or imposed upon Lender an obligation the Trust Estate, or become due and payable, and which create, may create or appear to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or create a lien upon the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged PremisesTrust Estate, or any portion part thereof, or upon any property, equipment or other facility used in the operation or maintenance thereof (all the above shall collectively be hereinafter referred to as "Impositions"); provided, however, that prior if, by law any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Trustor may pay the same or cause it to be paid, together with any accrued interest on the unpaid balance of such Imposition, in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(b) If at any time after the date on which such Imposition would otherwise have become delinquent, Borrower hereof there shall have be assessed or imposed (i) given Lender prior written notice a tax or assessment on the Trust Estate in lieu of such contest and or in addition to the impositions payable by Trustor pursuant to Section 1.11(a), or (ii) deposited with Lendera license fee, tax or assessment imposed on Beneficiary and shall deposit such additional amounts as are necessary to keep on deposit at all times, measured by or based in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued whole or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, part upon the amount of the outstanding obligations secured hereby, then all such Imposition taxes, assessments or fees shall be deemed to be included within the term "Impositions" as finally determined, together defined in Section 1.11(a) and Trustor shall pay and discharge the same as herein provided with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause respect to the payment of any unpaid Imposition Impositions. If Trustor fails to prevent pay such Impositions prior to delinquency or if Trustor is prohibited by law from paying such Impositions, Beneficiary may at its option declare all obligations secured hereby together with all accrued interest thereon, immediately due and payable. Anything to the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender contrary herein notwithstanding, Trustor shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses obligation to pay any such Impositionfranchise, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender estate, inheritance, income, excess profits or similar tax levied on demand for all such advancesBeneficiary or on the obligations secured hereby.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement, Financing Statement and Fixture Filing (Can Cal Resources LTD)
Taxes and Impositions. (A) Subject to Borrower’s right to claim exemptions under California Revenue and Taxation Code Section 214, Borrower shall (i) pay and discharge all Impositions or cause to be paid, prior to delinquency, all of the following (collectively, the “Impositions”): (a) all general and specific real property taxes and assessments imposed on the Property; (b) all other taxes and assessments and charges of every kind that are assessed upon the Property (or upon the owner and/or operator of the Property) and that create or may create a lien upon the Property (or upon any personal property or fixtures used in connection with the Property), including without limitation nongovernmental levies and assessments pursuant to applicable covenants, conditions or restrictions; and (iic) provide Lender validated receipts all license fees, taxes and assessments imposed on Bondowner Representative (other than Bondowner Representative’s income or such other evidence satisfactory to Lender showing franchise taxes) which are measured by or based upon (in whole or in part) the payment amount of such Impositions within thirty (30) days after the same would have otherwise become delinquentobligations secured by the Property. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall include, to the extent If permitted by applicable law, taxes resulting from future changes Borrower may pay or cause to be paid any Imposition in law which impose upon Lender an obligation to pay installments (together with any property taxes or other Impositionsaccrued interest). Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge pay or remove cause to be paid any Imposition so long as Borrower contests (d) its validity is being actively contested in good faith and by appropriate proceedings, (e) Borrower has demonstrated to Bondowner Representative’s reasonable satisfaction that leaving such Impositions or Imposition unpaid pending the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection outcome of such amounts and the sale proceedings could not result in conveyance of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which Property in satisfaction of such Imposition would or otherwise have become delinquentimpair Bondowner Representative’s interests under the Loan Documents and (f) if Bondowner Representative shall so request, Borrower has furnished Bondowner Representative with a bond or other security satisfactory to Bondowner Representative in an amount not less than 100% of the applicable claim. Upon demand by Bondowner Representative from time to time, Borrower shall have (ig) given Lender prior written notice deliver to Bondowner Representative, within 30 days following the due date of Imposition, evidence of payment or other satisfaction of such contest Imposition reasonably satisfactory to Bondowner Representative and (iih) deposited with Lenderfurnish to Bondowner Representative a tax reporting service for the Property of a type and duration, and with a company reasonably satisfactory to Bondowner Representative. The Borrower’s General Partner shall deposit such additional amounts as are take all actions necessary for its members to keep on deposit at all times, in an amount equal obtain and maintain tax exempt status pursuant to at least one hundred percent (100%501(c)(3) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancescode.
Appears in 1 contract
Samples: Loan Agreement
Taxes and Impositions. (Aa) Borrower shall (i) pay and discharge all Impositions pay, or cause to be paid prior to delinquency, all real property taxes and (ii) provide Lender validated receipts assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, nongovernmental levies or assessments such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includeas maintenance charges, to the extent permitted by applicable law, taxes levies or charges resulting from future changes in law covenants, conditions and restrictions affecting the Trust Estate, which impose are assessed or imposed upon Lender an obligation the Trust Estate, or become due and payable, and which create, may create or appear to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or create a lien upon the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged PremisesTrust Estate, or any portion part thereof, or upon any person, property, equipment or other facility used in the operation or maintenance thereof (all the above collectively hereinafter referred to as “Impositions”); provided, however, that if, by law any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Borrower may pay the same or cause it to be paid, together with any accrued interest on the unpaid balance of such Imposition, in installments before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(b) If at any time after the date hereof there is assessed or imposed (i) a tax or assessment on the Trust Estate in lieu of or in addition to the Impositions payable by Borrower pursuant to Section 1.8(a), or (ii) a license fee, tax or assessment imposed on Collateral Agent and measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such taxes, assessments or fees will be deemed to be included within the term “Impositions” as defined in Section 1.8(a) and Borrower shall pay and discharge the same as herein provided with respect to the payment of Impositions. If Borrower fails to pay such Impositions prior to delinquency or if Borrower is prohibited by law from paying such Impositions, Collateral Agent may at its option declare all obligations secured hereby together with all accrued interest thereon, immediately due and payable. Anything to the date contrary herein notwithstanding, Borrower will have no obligation to pay any franchise, estate, inheritance, income, excess profits or similar tax levied on which such Imposition would otherwise have become delinquentCollateral Agent or on the obligations secured hereby.
(c) Subject to the provisions of Section 1.8(d) and upon request by Collateral Agent, Borrower shall have deliver to Collateral Agent before any such Imposition is due and payable official receipts of the appropriate taxing authority, or other proof reasonably satisfactory to Collateral Agent, evidencing the payment thereof.
(d) Borrower has the right before any delinquency occurs to contest or object to the amount or validity of any such Imposition by appropriate proceedings, but this will not be deemed or construed in any way as relieving, modifying or extending Borrower’s covenant to pay any such Imposition at the time and in the manner provided in this Section 1.8, unless Borrower has given prior written notice to Collateral Agent of Borrower’s intent to so contest or object to an Imposition, and unless, at Collateral Agent’s sole option, (i) given Lender Borrower demonstrates to Collateral Agent’s reasonable satisfaction that the proceedings to be initiated by Borrower will conclusively operate to prevent the sale of the Trust Estate, or any part thereof, to satisfy such Imposition prior written notice to final determination of such contest and proceedings; or (ii) deposited with LenderBorrower furnishes a good and sufficient bond or surety as requested by and reasonably satisfactory to Collateral Agent; or (iii) Borrower demonstrates to Collateral Agent’s reasonable satisfaction that Borrower has provided as good and sufficient undertaking as may be required or permitted by law to accomplish a stay of any such sale.
(e) After the occurrence of an event of default (whether or not such event of default is subsequently cured), and upon request by Collateral Agent, Borrower shall deposit such additional amounts as are necessary pay to keep on deposit at all times, Collateral Agent an initial cash reserve in an amount equal to at least one hundred percent one-half (100%½) of all Impositions for the ensuing tax fiscal year and shall thereafter continue to deposit with Collateral Agent, in monthly installments, an amount equal to one-twelfth (1/12) of the total sum of the annual Impositions reasonably estimated by Collateral Agent, for the purpose of paying the installment of Impositions next due on the Trust Estate (A) the balance funds deposited for this purpose will hereinafter be referred to as “Impounds”). In such event Bxxxxxxx further agrees to cause all bills, statements or other documents relating to Impositions to be sent or mailed directly to Collateral Agent. Upon receipt of such Imposition then remaining unpaidbills, statements or other documents, and (B) all interestproviding Bxxxxxxx has deposited sufficient Impounds with Collateral Agent pursuant to this Section 1.8(e), penaltiesCollateral Agent shall timely pay such amounts as may be due thereunder out of the Impounds so deposited with Collateral Agent. If at any time and for any reason the Impounds deposited with Collateral Agent are or will be insufficient to pay such amounts as may then or subsequently be due, costs Collateral Agent may, at its option, notify Borrower and charges accrued upon such notice Borrower shall deposit immediately an amount equal to such deficiency with Collateral Agent. Notwithstanding the foregoing, nothing contained herein will cause Collateral Agent to be deemed a trustee of said funds or accumulated thereon. Lender shall keep said deposited to be obligated to pay any amounts in an excess of the amount of funds deposited with Collateral Agent pursuant to this Section 1.8(e). Collateral Agent may commingle Impounds with its own funds and will not be obligated to pay or allow any interest bearing, aggregated account on any Impounds held by Collateral Agent pending disbursement or application hereunder. Collateral Agent may reserve for future payment of Impositions such portion of the Impounds as Collateral Agent may in its absolute discretion deem proper. Should Borrower fail to deposit with Collateral Agent (the “Account”exclusive of that portion of said payments that has been applied by Collateral Agent upon any indebtedness or obligation secured hereby) for the Borrower and shall sums sufficient to fully pay out interest such Impositions at least annually thereonfifteen (15) days before delinquency thereof, Collateral Agent may, at Collateral Agent’s election, but without any obligation to do so, advance any amounts required to make up the deficiency, which advances, if any, will be secured hereby and will be repayable to Collateral Agent as herein elsewhere provided, or Collateral Agent may, at its option and without making any advance notice whatever, apply any Impounds held by it upon any indebtedness or obligation secured hereby in such order as Collateral Agent may determine, notwithstanding that said indebtedness or the performance of said obligation may not yet be due according to the terms thereof. Any Upon the occurrence of an event of default, Collateral Agent may, at any time at Collateral Agent’s option, apply any sums or amounts in its hands received pursuant to Sections 1.4(b) and 1.8(e) hereof, or as rents or income of the Trust Estate or otherwise, to any indebtedness or obligation of Borrower secured hereby in such contest manner and order as Collateral Agent may elect, notwithstanding said indebtedness or the performance of said obligation may not yet be due according to the terms thereof. The receipt, use or application of any such Impounds paid by Borrower to Collateral Agent hereunder will not be construed to affect the maturity of any indebtedness secured by this Deed of Trust or any of the rights or powers of Collateral Agent or Trustee under the terms of the Transaction Documents or any of the obligations of Borrower or any guarantor under the Transaction Documents.
(f) Borrower shall not suffer, permit or initiate the joint assessment of any real and personal property which may constitute all or a portion of the Trust Estate or suffer, permit or initiate any other procedure whereby the lien of the real property taxes and the lien of the personal property taxes will be prosecuted with due diligenceassessed, and levied or charged to the Trust Estate as a single lien.
(g) Upon the request of Collateral Agent, Borrower shall promptly pay from cause to be furnished to Collateral Agent, at Borrower’s expense, a tax reporting service covering the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture Trust Estate of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liabilitytype, however, for failure duration and with a company satisfactory to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesCollateral Agent.
Appears in 1 contract
Taxes and Impositions. (A1) Borrower shall (i) pay and discharge all Impositions prior to delinquency, and (ii) . Borrower shall provide to Lender validated receipts or such other evidence satisfactory to Lender showing the payment of such Impositions all real estate and personal property taxes within thirty (30) 15 days after the same would otherwise have otherwise become delinquent. Borrower’s 's obligation to pay the Impositions pursuant to this Agreement shall include, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any in the payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s)Advances.
(B2) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions Imposition or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, Property or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, delinquent Borrower shall have (i) given Lender prior written notice of such contest contest, and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary provided reasonable evidence to keep on deposit at all times, in an amount equal Lender that Borrower has available funds to at least one hundred percent (100%) of the total of (A) pay the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions provision of this clause Section 4.1.A to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute reasonable discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, Property is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advances.or
Appears in 1 contract
Taxes and Impositions. (Aa) Borrower shall (i) pay and discharge all Impositions Mortgagor agrees to pay, prior to delinquency, all real property taxes and (ii) provide Lender validated receipts assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including without limitation, nongovernmental levies or assessments such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includeas maintenance charges, to the extent permitted by applicable lawowner association dues or charges or fees, taxes levies or charges resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositionscovenants, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof conditions and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of restrictions affecting the Mortgaged PremisesProperty, which are assessed or imposed upon the Mortgaged Property, or become due and payable, and which create, may create or appear to create a lien upon the Mortgaged Property, or any portion part thereof, or upon any Personal Property, equipment or other facility used in the operation or maintenance thereof (all of which taxes, assessments and other governmental charges of like nature are hereinafter referred to as "Impositions"); provided, however, that prior to the date on which if, by law, any such Imposition would otherwise have become delinquentis payable, Borrower shall have (i) given Lender prior written notice or may at the option of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all timesthe taxpayer be paid, in an amount equal to at least one hundred percent (100%) of installments, Mortgagor may pay the total of (A) same together with any accrued interest on the unpaid balance of such Imposition then remaining unpaidin installments as the same become due and before any fine, and (B) all interestpenalty, penalties, costs and charges accrued interest or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) cost may be added thereto for the Borrower nonpayment of any such installment and shall pay out interest interest;
(b) If at least annually thereon. Any such contest any time after the date hereof there shall be prosecuted with due diligenceassessed or imposed (i) a tax or assessment on the Mortgaged Property in lieu of or in addition to the Impositions payable by Mortgagor pursuant to subparagraph (a) hereof, or (ii) a license fee, franchise fee, tax or assessment imposed on Mortgagee and Borrower shall promptly pay from the Account, measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such Imposition taxes, assessments or fees shall be deemed to be included within the term "Impositions" as finally determineddefined in subparagraph (a) hereof, together and Mortgagor shall pay and discharge the same as herein provided with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause respect to the payment of Impositions. Anything to the contrary herein notwithstanding, Mortgagor shall have no obligation to pay any unpaid franchise, estate, inheritance, income, intangibles, excess profits or similar tax levied on Mortgagee or on the obligations secured hereby;
(c) Subject to the provisions of subparagraph (d) of this Section 1.08, Mortgagor covenants to furnish Mortgagee within twenty (20) days after Mortgagee's written request to Mortgagor, official receipts of the appropriate taxing authority, or other proof satisfactory to Mortgagee, evidencing the payments of any such Impositions that were due and payable;
(d) Mortgagor shall have the right before any delinquency occurs to contest or object to the amount or validity of any such Imposition by appropriate legal proceedings, but this 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 1.08, unless Mortgagor has given prior written notice to Mortgagee of Mortgagor's intent to so contest or object to an Imposition, and unless, at Mortgagee's sole option, (i) Mortgagor shall demonstrate to Mortgagee's satisfaction that the legal proceedings shall conclusively operate to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged PremisesProperty, or any portion thereof or any Collateralpart thereof, is in jeopardy or in danger to satisfy such Imposition prior to final determination of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advances.proceedings; or
Appears in 1 contract
Taxes and Impositions. A. Grantor agrees to pay or cause to be paid, at least ten (A10) Borrower shall (i) pay and discharge all Impositions days prior to delinquency, all real property taxes and (ii) provide Lender validated receipts assessments, general and special, and all other taxes and assessments of any kind or such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includenature whatsoever, to the extent permitted by applicable lawincluding, taxes without limitation nongovernmental levies or charges resulting from future changes in law covenants, conditions, and restrictions affecting the Trust Estate, which impose are assessed or imposed upon Lender an obligation the Trust Estate or become due and payable, and which create, may create, or appear to pay create a lien upon the Trust Estate or any property taxes part thereof or upon any Personal Property, equipment, or other facility used in the operation or maintenance thereof (all of which taxes, assessments, and other governmental charges of like nature are hereinafter referred to as "Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s").
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that prior if, by law, any such Imposition is payable or may, at the option of the taxpayer, be paid in installments, Grantor may pay or cause to be paid the same, together with any accrued interest on the unpaid balance of such Imposition, in installments as the same become due; and before any fine, penalty, interest, or cost may be added thereto for the nonpayment of any such installment and interest.
B. If, at any time after the date on which such Imposition would otherwise have become delinquenthereof, Borrower there shall have be assessed or imposed (i) given Lender prior written notice a tax or assessment on the Trust Estate in lieu of such contest and or in addition to the Impositions payable by Grantor pursuant to subparagraph A. hereof; or (ii) deposited with Lendera license fee, tax, or assessment imposed on Beneficiary and shall deposit such additional amounts as are necessary to keep on deposit at all times, measured by or based in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued whole or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, part upon the amount of the outstanding obligations secured hereby, then all such Imposition taxes, assessments, or fees shall be deemed to be included within the term "Impositions" as finally determineddefined in subparagraph A. hereof; and Grantor shall pay and discharge or cause to be paid and discharged the same as herein provided with respect to the payment of Impositions or, at the option of Beneficiary, all obligations secured hereby, together with all accrued interest thereon, shall immediately become due and penalties payable.
C. Subject to the provisions of subparagraph D. of this section, Grantor covenants to furnish to Beneficiary, within forty-five (45) days after the date upon which any such Imposition is due and payable in connection therewith. Lender by Grantor, official receipts of the appropriate taxing authority or other proof satisfactory to Beneficiary evidencing the payments thereof.
D. Grantor shall have full power and authority the right, before any delinquency occurs, to apply any amount deposited with Lender pursuant to this clause contest or object to the payment amount or validity of any unpaid such Imposition by appropriate legal proceedings, but this shall not be deemed or construed in any way as relieving, modifying, or extending Grantor's covenant to pay or cause to be paid any such Imposition at the time and in the manner provided in this Section, unless Grantor has given prior written notice to Beneficiary of Xxxxxxx's intent to so contest or object to an Imposition; and unless, at Beneficiary's sole option, (i) Grantor shall demonstrate to Beneficiary's satisfaction that the legal proceedings shall conclusively operate to prevent the sale or forfeiture of the Mortgaged Premises Trust Estate or any portion part thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment satisfy such Imposition prior to final determination of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advances.proceedings; or
Appears in 1 contract
Samples: Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing
Taxes and Impositions. (Aa) Borrower shall (i) pay and discharge all Impositions Trustor agrees to pay, prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including without limitation non-governmental levies or assessments such as maintenance charges, association dues or charges or fees, and levies or charges resulting from covenants, conditions and restrictions affecting the Trust Estate, which are assessed or imposed upon the Trust Estate or become due and payable, and which create or may create a lien upon the Trust Estate, or any part thereof, or upon any equipment or other facility used by Trustor in the operation or maintenance thereof (all of which taxes, assessments and other governmental charges of like nature are hereinafter referred to as “Impositions”); provided, however, that if, by law, any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Trustor may pay the same together with any accrued interest on the unpaid balance of such Imposition in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(b) If any time after the date hereof there shall be assessed or imposed
(i) a tax or assessment on the Trust Estate in lieu of or in addition to the Impositions payable by Trustor pursuant to subparagraph (a) hereof, or (ii) provide Lender validated receipts a license fee, tax or assessment imposed on Beneficiary and measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such other evidence satisfactory taxes, assessments, or fees shall be deemed to Lender showing be included within the term “Impositions” as defined in subparagraph (a) hereof, and Trustor shall pay and discharge the same as herein provided with respect to the payment of such Impositions Impositions. Anything to the contrary notwithstanding, Trustor shall have no obligation to pay any franchise, estate, inheritance, income, excess profits or similar tax levied on Beneficiary or on the obligations secured hereby.
(c) Trustor covenants to furnish Beneficiary within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation date upon which any such Imposition is due and payable by Trustor, official receipts of the appropriate taxing authority or other proof satisfactory to pay Beneficiary, evidencing the payment thereof.
(d) Trustor covenants and agrees not to suffer, permit or initiate the joint assessment of the real and personal property, or any other procedure whereby the lien of the real property taxes and the lien of the personal property taxes shall be assessed, levied or charged to the Trust Estate as a single lien.
(e) If requested by Beneficiary, Trustor shall cause to be furnished to Beneficiary a tax reporting service covering the Trust Estate of the type, duration and with a company satisfactory to Beneficiary.
(f) Trustor has the right to contest Impositions pursuant to this Agreement shall include, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advances.Section 9.3
Appears in 1 contract
Samples: Leasehold Deed of Trust, Assignment of Rents and Security Agreement
Taxes and Impositions. (Aa) Borrower Subject to the provisions of subsection (c) of this Section 1.09 and to the provisions of Section 1.10 hereof, Grantor shall pay or cause to be paid and shall furnish evidence of payment thereof to Beneficiary, at least ten (i10) pay and discharge all Impositions days prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including without limitation nongovernmental levies or assessments such as maintenance charges, levies or charges resulting from covenants, conditions and restrictions affecting the Mortgaged Estate, which are assessed or imposed upon the Mortgaged Estate, or become due and payable, and which create, may create or appear to create a lien upon the Mortgaged Estate, or any part thereof (all of which taxes, assessments and other governmental and nongovernmental charges of like nature are hereinafter referred to as "Impositions"); provided that if, by law, any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Grantor may pay the same together with any accrued interest on the unpaid balance of such Imposition in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(b) If at any time after the date hereof there shall be assessed or imposed (i) a tax or assessment on the Mortgaged Estate in lieu of or in addition to the Impositions payable by Grantor pursuant to subsection (a) above, or (ii) provide Lender validated receipts a license fee, tax or assessment imposed on Beneficiary and measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby (excluding income, franchise or capital taxes imposed on the income of Beneficiary), then all such other evidence satisfactory taxes, assessments or fees shall be deemed to Lender showing be included within the term Impositions, and Grantor shall pay and discharge the same as herein provided with respect to the payment of such Impositions within thirty (30) days after Impositions. At the same would have otherwise option of Beneficiary, all obligations secured hereby together with all accrued interest thereon, shall become delinquent. Borrower’s obligation due and payable in the event that Grantor shall not be permitted to pay such fees, taxes or assessments on behalf of Beneficiary.
(c) Grantor shall have the Impositions pursuant right before any delinquency occurs to this Agreement shall include, contest or object to the extent permitted amount or validity of any Imposition by applicable lawappropriate legal proceedings, taxes resulting from future changes but such right shall not be deemed or construed in law which impose upon Lender an obligation any way as relieving, modifying, or extending Grantor's covenant to pay any property taxes such Imposition at the time and in the manner provided in this Section 1.09, unless Grantor has given prior written notice to Beneficiary of Grantor's intent to so contest or other Impositions. Should Borrower default on any payment of any Impositionsobject to an Imposition, Lender may and unless, at Beneficiary's sole option, (but i) Grantor shall not be obligated to) pay such Impositions or any portion thereof and Borrower demonstrate to Beneficiary's reasonable satisfaction that the legal proceedings shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates conclu sively operate to prevent the collection of such amounts and the sale of the Mortgaged PremisesEstate, or any portion part thereof; provided, however, that to satisfy such Imposition prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice final determination of such contest and proceedings, (ii) deposited with Lender, Grantor shall furnish a good and sufficient bond or surety as requested by and reasonably satisfactory to Beneficiary or (iii) Grantor shall deposit such additional amounts have provided a good and sufficient undertaking as are necessary may be required or permitted by law to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance accomplish a stay of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesproceedings.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Texfi Industries Inc)
Taxes and Impositions. 2.8.1 Subject to Trustor’s rights to contest provided in the Loan Agreement, Trustor shall pay, or cause to be paid at least ten (A10) Borrower days prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including without limitation non-governmental levies or assessments such as maintenance charges, levies or charges resulting from covenants, conditions and restrictions affecting the Collateral, which are assessed or imposed upon the Collateral, or upon Trustor as owner or operator of the Premises, or become due and payable, and which create, may create or appear to create a lien upon the Collateral, or any part thereof, or upon any personal property, equipment or other facility used in the operation or maintenance thereof (all the above collectively hereinafter referred to as “Impositions”); provided, however, that if, by law, any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Trustor may pay the same or cause it to be paid, together with any accrued interest on the unpaid balance of such Imposition, in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
2.8.2 Subject to Trustor’s rights to contest provided in the Loan Agreement, if at any time after the date hereof there shall be assessed or imposed (i) a tax or assessment on the Collateral in lieu of or in addition to the Impositions payable by Trustor pursuant to paragraph 2.8.1 hereof, or (ii) a license fee, tax or assessment imposed on Beneficiary and measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such taxes, assessments or fees shall be deemed to be included within the term “Impositions” as defined in paragraph 2.8.1 hereof, and Trustor shall pay and discharge all the same as herein provided with respect to the payment of Impositions. If Trustor fails to pay such Impositions prior to delinquency, Beneficiary may at its option declare all obligations secured hereby together with all accrued interest thereon, immediately due and (ii) provide Lender validated receipts payable. Anything to the contrary herein notwithstanding, Trustor shall have no obligation to pay any franchise, estate, inheritance, income, excess profits or such other evidence satisfactory similar tax levied on Beneficiary or on the obligations secured hereby.
2.8.3 Subject to Lender showing Trustor’s rights to contest provided in the payment of such Impositions Loan Agreement, and upon request by Beneficiary, Trustor shall deliver to Beneficiary, within thirty (30) days after the date upon which any such Imposition is due and payable by Trustor or as soon thereafter as the same would have otherwise become delinquent. Borrower’s obligation to pay becomes available, official receipts of the Impositions pursuant to this Agreement shall includeappropriate taxing authority, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositionsproof satisfactory to Beneficiary, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to evidencing the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advances.
Appears in 1 contract
Samples: Deed of Trust (NGA Holdco, LLC)
Taxes and Impositions. (A) Borrower shall (i) pay and discharge all Impositions Trustor shall pay, or cause to be paid prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, non-governmental levies or assessments such as maintenance charges, levies or charges resulting from covenants, conditions and restrictions affecting the Trust Estate, which are assessed or imposed upon the Trust Estate, or become due and payable, and which create, may create or appear to create a lien upon the Trust Estate, or any part thereof, or upon any person, property, equipment or other facility used in the operation or maintenance thereof (all the above collectively hereinafter referred to as "IMPOSITIONS"); provided, however, that if, by law any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Trustor may pay the same or cause it to be paid, together with any accrued interest on the unpaid balance of such Imposition, in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(ii) provide Lender validated receipts If at any time after the date hereof there shall be assessed or imposed (a) a tax or assessment on the Trust Estate in lieu of or in addition to the Impositions payable by Trustor pursuant to SUBSECTION 2.12(i), or (b) a license fee, tax or assessment imposed on Beneficiary and measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such other evidence satisfactory taxes, assessments or fees shall be deemed to Lender showing be included within the term "Impositions" as defined in SUBSECTION 2.12(i) and Trustor shall pay and discharge the same as herein provided with respect to the payment of Impositions. If Trustor fails to pay such Impositions prior to delinquency or if Trustor is prohibited by law from paying such Impositions, Beneficiary may at its option declare all obligations secured hereby together with all accrued interest thereon, immediately due and payable. Anything to the contrary herein notwithstanding, Trustor shall have no obligation to pay any franchise, estate, inheritance, income, excess profits or similar tax levied on Beneficiary or on interest or other income received by Beneficiary comprising a portion of or in connection with the obligations secured hereby.
(iii) Subject to the provisions of SUBSECTION 2.12(iv) and upon request by Beneficiary, Trustor shall deliver to Beneficiary prior to the date upon which any such Imposition is due and payable by Trustor, evidence of payment of such Imposition and within thirty (30) days after the same would date upon which any such Imposition is due and payable by Trustor, official receipts of the appropriate taxing authority, or other proof satisfactory to Beneficiary, evidencing the payment thereof.
(iv) Trustor shall have otherwise become delinquent. Borrower’s obligation the right before any delinquency occurs to contest or object to the amount or validity of any such Imposition by appropriate proceedings, but this shall not be deemed or construed in any way as relieving, modifying or extending Trustor's covenant to pay any such Imposition at the time and in the manner provided in this SECTION 2.12, unless Trustor has given prior written notice to Beneficiary of Trustor's intent to so contest or object to an Imposition, and unless, at Beneficiary's sole option, (a) Trustor shall demonstrate to Beneficiary's satisfaction that the proceedings to be initiated by Trustor shall conclusively operate to prevent the sale of the Trust Estate, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings; or (b) Trustor shall furnish a good and sufficient bond or surety as requested by and satisfactory to Beneficiary; or (c) Trustor shall demonstrate to Beneficiary's satisfaction that Trustor has provided a good and sufficient undertaking as may be required or permitted by law to accomplish a stay of any such sale.
(v) At any time after an Event of Default under any Loan Document, then upon request by Beneficiary, Trustor shall pay to Beneficiary an initial cash reserve in an amount adequate to pay all Impositions for the ensuing tax fiscal year and shall thereafter continue to deposit with Beneficiary, in monthly installments, an amount equal to one-twelfth (1/12) of the sum of the annual Impositions reasonably estimated by Beneficiary, for the purpose of paying the installment of Impositions next due on the Trust Estate (funds deposited for this purpose shall hereinafter be referred to as "Impounds"). In such event Trustor further agrees to cause all bills, statements or other documents relating to Impositions to be sent or mailed directly to Beneficiary. Upon receipt of such bills, statements or other documents, and providing Trustor has deposited sufficient Impounds with Beneficiary pursuant to this Agreement subsection 2.12(v), Beneficiary shall includepromptly pay such amounts as may be due thereunder out of the Impounds so deposited with Beneficiary. If at any time and for any reason the Impounds deposited with Beneficiary are or will be insufficient to pay such amounts as may then or subsequently be due, Beneficiary may notify Trustor and upon such notice Trustor shall deposit immediately an amount equal to such deficiency with Beneficiary. Notwithstanding the foregoing, nothing contained herein shall cause Beneficiary to be deemed a trustee of said funds or to be obligated to pay any amounts in excess of the amount of funds deposited with Beneficiary pursuant to this subsection 2.12(v). To the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender Beneficiary may (but commingle Impounds with its own funds and shall not be obligated toto pay or allow any interest on any Impounds held by Beneficiary pending disbursement or application hereunder. Beneficiary may reserve for future payment of Impositions such portion of the Impounds as Beneficiary may in its absolute discretion deem proper. Upon an Event of Default, Beneficiary may apply the balance of the Impounds upon any indebtedness or obligation secured hereby in such order as Beneficiary may determine, notwithstanding that said indebtedness or the performance of said obligation may not yet be due according to the terms thereof. Should Trustor fail to deposit with Beneficiary (exclusive of that portion of said payments which has been applied by Beneficiary upon any indebtedness or obligation secured hereby) sums sufficient to fully pay such Impositions at least fifteen (15) days before delinquency thereof, Beneficiary may, at Beneficiary's election, but without any obligation so to do, advance any amounts required to make up the deficiency, which advances, if any, shall be secured hereby and shall be repayable to Beneficiary as herein elsewhere provided, or at the option of Beneficiary the latter may, without making any advance whatever, apply any Impounds held by it upon any indebtedness or obligation secured hereby in such order as Beneficiary may determine, notwithstanding that said indebtedness or the performance of said obligation may not yet be due according to the terms thereof. Should any Event of Default occur, Beneficiary may, at any time at Beneficiary's option, apply any sums or amounts in its hands received pursuant to SUBSECTIONS 2.7(iii) and 2.l2(v) hereof, or as rents or income of the Trust Estate or otherwise, to any indebtedness or obligation of the Trustor secured hereby in such manner and order as Beneficiary may elect, notwithstanding said indebtedness or the performance of said obligation may not yet be due according to the terms thereof. The receipt, use or application of any such Impounds paid by Trustor to Beneficiary hereunder shall not be construed to affect the maturity of any indebtedness secured by this Deed of Trust or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s)of the rights or powers of Beneficiary or Trustee under the terms of the Loan Documents or any of the obligations of Trustor or any guarantor under the Loan Documents.
(Bvi) Borrower Trustor shall not be required to paysuffer, discharge permit or remove initiate the joint assessment of any Imposition so long as Borrower contests in good faith such Impositions real and personal property which may constitute all or a portion of the validityTrust Estate or suffer, applicability permit or amount thereof by an appropriate legal proceeding which operates to prevent initiate any other procedure whereby the collection lien of such amounts the real property taxes and the sale lien of the Mortgaged Premisespersonal property taxes shall be assessed, levied or any portion thereof; provided, however, that prior charged to the date on which such Imposition would otherwise have become delinquentTrust Estate as single lien.
(vii) If requested by Beneficiary, Borrower Trustor shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary cause to keep on deposit at all times, in an amount equal be furnished to at least one hundred percent (100%) Beneficiary a tax reporting service covering the Trust Estate of the total of (A) the balance of such Imposition then remaining unpaidtype, duration and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority a company satisfactory to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesBeneficiary.
Appears in 1 contract
Samples: Credit Agreement (Cadiz Inc)
Taxes and Impositions. (Aa) Borrower shall (i) pay and discharge all Impositions Trustor agrees to pay, prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including without limitation non-governmental levies or assessments such as maintenance charges, association dues or charges or fees, and levies or charges resulting from covenants, conditions and restrictions affecting the Trust Estate, which are assessed or imposed upon the Trust Estate or become due and payable, and which create or may create a lien upon the Trust Estate, or any part thereof, or upon any equipment or other facility used by Trustor in the operation or maintenance thereof (iiall of which taxes, assessments and other governmental charges of like nature are hereinafter referred to as “Impositions”); provided, however, that if, by law, any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Trustor may pay the same together with any accrued interest on the unpaid balance of such Imposition in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(b) provide Lender validated receipts If any time after the date hereof there shall be assessed or imposed a tax or assessment on the Trust Estate in lieu of or in addition to the Impositions payable by Trustor pursuant to subparagraph (a) hereof, or a license fee, tax or assessment imposed on Beneficiary and measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such other evidence satisfactory taxes, assessments, or fees shall be deemed to Lender showing be included within the term “Impositions” as defined in subparagraph (a) hereof, and Trustor shall pay and discharge the same as herein provided with respect to the payment of such Impositions Impositions. Anything to the contrary notwithstanding, Trustor shall have no obligation to pay any franchise, estate, inheritance, income, excess profits or similar tax levied on Beneficiary or on the obligations secured hereby.
(c) Trustor covenants to furnish Beneficiary within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation date upon which any such Imposition is due and payable by Trustor, official receipts of the appropriate taxing authority or other proof satisfactory to pay Beneficiary, evidencing the payment thereof.
(d) Trustor covenants and agrees not to suffer, permit or initiate the joint assessment of the real and personal property, or any other procedure whereby the lien of the real property taxes and the lien of the personal property taxes shall be assessed, levied or charged to the Trust Estate as a single lien.
(e) If requested by Beneficiary, Trustor shall cause to be furnished to Beneficiary a tax reporting service covering the Trust Estate of the type, duration and with a company satisfactory to Beneficiary.
(f) Trustor has the right to contest Impositions pursuant to this Agreement shall include, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale Section 9.3 of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesLease.
Appears in 1 contract
Samples: Leasehold Deed of Trust, Assignment of Rents and Security Agreement
Taxes and Impositions. (A) Borrower shall (i) pay and discharge all Impositions Trustor shall pay, or cause to be paid prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, nongovernmental levies or assessments such as maintenance charges, levies or charges resulting from covenants, conditions and restrictions affecting the Trust Estate, which are assessed or imposed upon the Trust Estate, or become due and payable, and which create, may create or appear to create a lien upon the Trust Estate, or any part thereof, or upon any Person, property, equipment or other facility used in the operation or maintenance thereof (all the above collectively hereinafter referred to as “Impositions”); provided, however, that if, by law any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, Trustor may pay the same or cause it to be paid, together with any accrued interest on the unpaid balance of such Imposition, in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(ii) provide Lender validated receipts If at any time after the date hereof there shall be assessed or imposed (a) a tax or assessment on the Trust Estate in lieu of or in addition to the Impositions payable by Trustor pursuant to subsection 2.12(i), or (b) a license fee, tax or assessment imposed on Beneficiary and measured by or based in whole or in part upon the amount of the outstanding Obligations secured hereby, then all such other evidence satisfactory taxes, assessments or fees shall be deemed to Lender showing be included within the term “Impositions” as defined in subsection 2.1.2(i) and Trustor shall pay and discharge the same as herein provided with respect to the payment of Impositions. If Trustor fails to pay such Impositions prior to delinquency or if Trustor is prohibited by law from paying such Impositions, Beneficiary may at its option declare all Obligations secured hereby together with all accrued interest thereon, immediately due and payable. Anything to the contrary herein notwithstanding, Trustor shall have no obligation to pay any franchise, estate, inheritance, income, excess profits or similar tax levied on Beneficiary or on interest or other income received by Beneficiary comprising a portion of or in connection with, the Obligations secured hereby.
(iii) Subject to the provisions of subsection 2.12(iv) and upon request by Beneficiary, Trustor shall deliver to Beneficiary prior to the date upon which any such Imposition is due and payable by Trustor, evidence of payment of such Imposition and within thirty (30) days after the same would date upon which any such Imposition is due and payable by Trustor, official receipts of the appropriate taxing authority, or other proof satisfactory to the Lenders, evidencing the payment thereof
(iv) Trustor shall have otherwise become delinquent. Borrowerthe right before any delinquency occurs to contest or object to the amount or validity of any such Imposition by appropriate proceedings, but this shall not be deemed or construed in any way as relieving, modifying or extending Trustor’s obligation covenant to pay any such Imposition at the time and in the manner provided in this Section 2.12, unless Trustor has given prior written notice to Beneficiary of Trustor’s intent to so contest or object to an Imposition, and unless, at Beneficiary’s sole option, (a) Trustor shall demonstrate to the Lender’s satisfaction that the proceedings to be initiated by Trustor shall conclusively operate to prevent the sale of the Trust Estate, or any part thereof, to satisfy such Imposition prior to final determination of such proceedings; or (b) Trustor shall furnish a good and sufficient bond or surety as requested by and satisfactory to the Lenders; or (c) Trustor shall demonstrate to the Lender’s satisfaction that Trustor has provided a good and sufficient undertaking as may be required or permitted by law to accomplish a stay of any such sale.
(v) At any time after an Event of Default under any Loan Document, then upon request by Beneficiary, Trustor shall pay to Beneficiary an initial cash reserve in an amount adequate to pay all Impositions for the ensuing tax fiscal year and shall thereafter continue to deposit with Beneficiary, in monthly installments, an amount equal to one-twelfth (1/12) of the sum of the annual Impositions reasonably estimated by Beneficiary, for the purpose of paying the installment of Impositions next due on the Trust Estate (funds deposited for this purpose shall hereinafter be referred to as “Impounds”). In-such event Trustor further agrees to cause all bills, statements or other documents relating to Impositions to be sent or mailed directly to Beneficiary. Upon receipt of such bills, statements or other documents, and providing Trustor has deposited sufficient Impounds with Beneficiary pursuant to this Agreement subsection 2.12(v), Beneficiary shall includepromptly pay such amounts as may be due thereunder out of the Impounds so deposited with Beneficiary. If at any time and for any reason the Impounds deposited with Beneficiary are or will be insufficient to pay such amounts as may then or subsequently be due, Beneficiary may notify Trustor and upon such notice Trustor shall deposit immediately an amount equal to such deficiency with Beneficiary. Notwithstanding the foregoing, nothing contained herein shall cause Beneficiary to be deemed a trustee of said funds or to be obligated to pay any amounts in excess of the amount of funds deposited with Beneficiary pursuant to this subsection 2.12(v). To the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender Beneficiary may (but commingle Impounds with its own funds and shall not be obligated toto pay or allow any interest on any Impounds held by Beneficiary pending disbursement or application hereunder. Beneficiary may reserve for future payment of Impositions such portion of the Impounds as Beneficiary may in its absolute discretion deem proper. Upon an Event of Default, Beneficiary may apply the balance of the Impounds upon any indebtedness or obligation secured hereby in such order as Beneficiary may determine, notwithstanding that said indebtedness or the performance of said obligation may not yet be due according to the terms thereof Should Trustor fail to deposit with Beneficiary (exclusive of that portion of said payments which has been applied by Beneficiary upon any indebtedness or obligation secured hereby) sums sufficient to fully pay such Impositions at least fifteen (15) days before delinquency thereof, Beneficiary may, at Beneficiary’s election, but without any obligation so to do, advance any amounts required to make up the deficiency, which advances, if any, shall be secured hereby and shall be repayable to Beneficiary as herein elsewhere provided, or at the option of Beneficiary the latter may, without making any advance whatever, apply any Impounds held by it upon any indebtedness or obligation secured hereby in such order as the Lenders may determine, notwithstanding that said indebtedness or the performance of said obligation may not yet be due according to the terms thereof. Should any Event of Default occur, Beneficiary may at any time at Beneficiary’s option, apply any sums or amounts in its hands received pursuant to subsections 2.7(iii) and 2.12(v) hereof, or as rents or income of the Trust Estate or otherwise, to any indebtedness or obligation of the Trustor secured hereby in such manner and order as Beneficiary may elect, notwithstanding said indebtedness or the performance of said obligation may not yet be due according to the terms thereof The receipt, use or application of any such Impounds paid by Trustor to Beneficiary hereunder shall not be construed to affect the maturity of any indebtedness secured by this Deed of Trust or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s)of the rights or powers of Beneficiary or Trustee under the terms of the Loan Documents or any of the obligations of Trustor or any guarantor under the Loan Documents.
(Bvi) Borrower Trustor shall not be required to paysuffer, discharge permit or remove initiate the joint assessment of any Imposition so long as Borrower contests in good faith such Impositions real and personal property which may constitute all or a portion of the validityTrust Estate or suffer, applicability permit or amount thereof by an appropriate legal proceeding which operates to prevent initiate any other procedure whereby the collection lien of such amounts the real property taxes and the sale lien of the Mortgaged Premisespersonal property taxes shall be assessed, levied or any portion thereof; provided, however, that prior charged to the date on which such Imposition would otherwise have become delinquent, Borrower Trust Estate as single lien.
(vii) Trustor shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary cause to keep on deposit at all times, in an amount equal be furnished to at least one hundred percent (100%) Beneficiary a tax reporting service covering the Trust Estate of the total of (A) the balance of such Imposition then remaining unpaidtype, duration and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause a company satisfactory to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesLenders.
Appears in 1 contract
Samples: Deed of Trust (Cadiz Inc)
Taxes and Impositions. (Aa) Borrower shall (i) pay and discharge all Impositions prior to delinquency, delinquency and (ii) shall provide to Lender validated receipts or such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) 15 days after the same would otherwise have otherwise become delinquent. Borrower’s 's obligation to pay the Impositions pursuant to this Agreement shall include, to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any in the payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s)Advances.
(Bb) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions Imposition or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent or stay the collection of such amounts and the sale of the Mortgaged Premises, Property or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereondelinquent Borrower
1. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause A to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof Property for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, made shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the LenderIndebtedness. Notwithstanding any provisions provision of this clause SECTION 4.
1. A to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, Property is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesAdvances.
(c) Notwithstanding anything contained herein to the contrary, in the event the Property is not taxed for ad valorem tax purposes without including any other parcel or parcels and the ad valorem taxes with respect to any such other parcel or not paid prior to delinquency, then Borrower shall immediately (i) pay the delinquent taxes in full and (ii) within ninety (90) days after the date on which such ad valorem taxes become delinquent, cause a tax division to be effected with respect to the Property so that it is taxed without inclusion of any other parcels.
Appears in 1 contract
Samples: Loan Agreement (Senior Tour Players Development Inc)
Taxes and Impositions. (Aa) Borrower shall (iSubject to its obligations under Section 1.08(e) pay and discharge all Impositions below, the Grantor agrees to pay, at least ten days prior to delinquency, all applicable real property and personal property taxes and assessments, general and special; all applicable payments in lieu of taxes; and all other applicable taxes, fees and assessments of any kind or nature whatsoever (including, without limitation, nongovernmental review or assessments such as maintenance charges; owner association dues, charges or fees; levies or charges resulting from covenants, conditions and restrictions affecting the Trust Estate) which are assessed or imposed upon the Trust Estate, or become due and payable, and which create, may create or appear to create a lien upon the Trust Estate, or any part thereof, or upon any Personal Property, equipment or other facility used in the operation or maintenance thereof (all of which taxes, assessments and other governmental and nongovernmental charges of like nature are hereinafter referred to as "Impositions"). If, by law, any such Imposition is payable, of may, at the option of the taxpayer, be paid in installments, the Grantor may pay the same, together with any accrued interest on the unpaid balance of such Impositions, in installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest.
(b) If at any time after the date hereof there shall be assessed or imposed (i) a tax or assessment on the Trust Estate in lieu of or in addition to the Imposition payable by the Grantor pursuant to subparagraph (a) hereof, or (ii) provide Lender validated receipts a license, fee, tax or assessment imposed on the Beneficiary and measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such other evidence satisfactory taxes, assessments or fees shall be deemed to Lender showing be included within the term "Impositions" as defined in subparagraph (a) hereof. The Grantor shall pay and discharge such Impositions as herein provided with respect to the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquentother Impositions. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall include, Anything to the extent permitted by applicable lawcontrary herein not withstanding, taxes resulting from future changes in law which impose upon Lender an the Grantor shall have no obligation to pay any property taxes franchise, estate, inheritance, income, excess profits or other Impositions. Should Borrower default similar tax levied on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions the Beneficiary or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that prior to the date on which such Imposition would otherwise have become delinquent, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancessecured hereby.
Appears in 1 contract
Taxes and Impositions. (Aa) Borrower As used herein, “Impositions” shall (i) mean all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, nongovernmental levies or assessments such as maintenance charges, levies or charges resulting from covenants, conditions and restrictions affecting the Trust Estate, which are assessed or imposed upon the Trust Estate or any portion of it, or become due and payable, and which create, may create or appear to create a lien upon the Trust Estate, or any part thereof, or upon any person, property, equipment or other facility used in the operation or maintenance thereof, or any tax or assessment on the Trust Estate, or any part of it, in lieu thereof or in addition thereto, or any license fee, tax or assessment imposed on Beneficiary and measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby. Trustor shall pay and discharge all Impositions prior to delinquency, all as contemplated in the Loan Agreement. Trustor, at its expense, may contest, by appropriate proceedings conducted in good faith and (ii) provide Lender validated receipts with due diligence, the amount or such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall includevalidity, to the extent permitted by applicable lawin whole or in part, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may provided (but i) Trustor shall not be obligated to) pay such Impositions or any portion thereof have notified Authority and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; provided, however, that Beneficiary prior to the date commencement of such proceedings, (ii) in the case of any unpaid Impositions, such proceedings shall suspend the collection thereof from Borrower, Beneficiary and the Trust Estate, and shall not constitute a presently enforceable lien against the Trust Estate during the pendency of such contest, (iii) neither the Trust Estate nor any part thereof nor any interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost, (iv) such proceedings shall not have an adverse effect on which such Imposition would otherwise have become delinquentthe lien or security interest created hereby or upon the enforcement of any provisions of the Loan Documents, and (v) if Authority or Beneficiary shall so require, Borrower shall have (i) given Lender prior written notice of such contest and (ii) deposited with Lender, and shall deposit Beneficiary such additional amounts as are security reasonably necessary to keep on deposit at all times, in an amount equal to at least one hundred percent (100%) for payment of the total of (A) the balance of such Imposition then remaining unpaidcontested Impositions, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the obligations in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole Authority’s and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited or foreclosed. If Borrower refuses to pay any such Imposition, Lender may (but shall not be obligated to) make such payment and Borrower shall reimburse Lender on demand for all such advancesBeneficiary’s expenses.
Appears in 1 contract
Samples: Deed of Trust
Taxes and Impositions. (Aa) Borrower shall (i) Tenant must pay before delinquent, in the manner set forth in this Lease, all Taxes and discharge all Impositions which at any time prior to delinquencyor during the Lease Term are assessed, levied, imposed upon or become due and (ii) provide Lender validated receipts or such other evidence satisfactory to Lender showing the payment of such Impositions within thirty (30) days after the same would have otherwise become delinquent. Borrower’s obligation to pay the Impositions pursuant to this Agreement shall include, payable with respect to the extent permitted by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes or other Impositions. Should Borrower default on any payment of any Impositions, Lender may (but shall not be obligated to) pay such Impositions or any portion thereof and Borrower shall reimburse Lender on demand for all such payment(s).
(B) Borrower shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Impositions or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the Mortgaged Premises, or any portion thereof; providedpart thereof or any appurtenance thereto. If the Premises are not separately assessed for Tax purposes, howeverTenant must pay Tenant's pro rata share of such Taxes, that prior determined by multiplying the total amount of Taxes by a fraction, the numerator of which is the total gross square footage of land contained in the Premises and the denominator of which is the total gross square footage of land contained in the applicable tax parcel. All Taxes and Impositions payable by Tenant during the first and last years of the Lease Term will be prorated between Landlord and Tenant based on the actual number of days in such years within the Lease Term.
(b) Landlord and Tenant shall cooperate in order for the Premises to be separately assessed for Tax purposes. Beginning at such time as the Premises are separately assessed for Tax purposes, Tenant will pay Taxes directly to the date on which such Imposition would otherwise have become delinquenttaxing authority. Upon written request from Landlord, Borrower shall have Tenant will furnish to Landlord for Landlord's inspection, official receipts of the appropriate authority or other proof satisfactory to Landlord evidencing Tenant's payment of Taxes and Impositions in accordance with the terms hereof.
(c) Provided the Premises are separately assessed for Tax purposes, Tenant may contest the amount or validity of any Taxes by appropriate legal proceedings, diligently pursued provided that: (i) given Lender prior written Tenant provides notice to Landlord of Tenant's intent to contest such contest and Taxes; (ii) deposited with Lender, and shall deposit Tenant first makes all such additional amounts as are necessary to keep on deposit at all times, in an amount equal to at least one hundred percent contested payments (100%) of the total of (A) the balance of such Imposition then remaining unpaid, and (B) all interest, penalties, costs and charges accrued or accumulated thereon. Lender shall keep said deposited amounts in an interest bearing, aggregated account (the “Account”) for the Borrower and shall pay out interest at least annually thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly pay from the Account, the amount of such Imposition as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority to apply any amount deposited with Lender pursuant to this clause to the payment of any unpaid Imposition to prevent the sale or forfeiture of the Mortgaged Premises or any portion thereof for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited. Any surplus retained by Lender after payment of the Imposition for which a deposit was made, shall be repaid to Borrower unless an Event of Default shall have occurred, in which case said surplus may be retained made by Lender to be applied to Tenant under protest if Tenant so desires); (iii) neither the obligations Premises nor any part thereof nor any interest therein is placed in the sole discretion of the Lender. Notwithstanding any provisions of this clause to the contrary, Borrower shall pay any Imposition which it might otherwise be entitled to contest if, in the sole and absolute discretion of Lender, the Mortgaged Premises, or any portion thereof or any Collateral, is in jeopardy or in danger of being forfeited sold, forfeited, lost or foreclosed. If Borrower refuses to pay interfered with by virtue of any such Impositioncontest; and (iv) all expenses (including, Lender may without limitation, any fees, penalty or interest) which are assessed or incurred in connection with or as a result of any such proceedings are paid by Tenant.
(but shall not d) Any excise, transaction, sales, or privilege tax now or hereafter imposed by any government or governmental agency upon Landlord on account of, attributed to, or measured by Rent or other charges payable by Tenant must be obligated topaid by Tenant to Landlord as additional Rent.
(e) make such payment and Borrower shall reimburse Lender on demand Tenant is liable for all such advancesTaxes levied or assessed against Tenant's personal property, furniture or fixtures placed or situated in or on the Premises during the Lease Term.
Appears in 1 contract
Samples: Triple Net Lease Agreement