Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, and shall deliver promptly to Mortgagee such evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoing, Mortgagor shall not be required to pay any such taxes, assessments, charges or other levies so long as Mortgagor shall in good faith, and at its cost and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewith.
Appears in 7 contracts
Samples: Lowcal Agreements (Cellteck Inc.), Leasehold Mortgage, Assignment, Security Agreement and Fixture Filing (Cellteck Inc.), Leasehold Mortgage, Assignment, Security Agreement and Fixture Filing (Cellteck Inc.)
Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, Borrower shall promptly pay before delinquency all taxes, assessments and other charges assessments, charges, fines or levies imposed impositions, general, local or special (collectively the "Impositions"), levied upon or against or with respect to the Property or the ownershipMortgaged Property, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, or upon Huntington's interest therein, or upon the Mortgage or the Indebtedness, by any duly or legally constituted public authority, municipality, township, county or state or the United States, and shall deliver promptly to Mortgagee such upon request, will provide evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoingto Huntington; provided that Borrower, Mortgagor shall not be required to pay any such taxesat Borrower's own cost and expense may, assessments, charges or other levies so long as Mortgagor if it shall in good faith, and at its cost and expensefaith so desire, contest the validity or amount or validity thereof, or take other appropriate action with respect theretoof any Impositions, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate which event Borrower may defer the payment thereof for such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense period as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly actively prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be leviedpending undetermined; further provided, assessed however, that Borrower shall not allow any such Impositions so contested to remain unpaid for such length of time as shall permit all or imposed any portion of the Mortgaged Property, or determined the lien thereon created by such item, to be payablesold by federal, together state, county or municipal authority for the nonpayment thereof. Pending any such contest, Borrower shall maintain adequate book reserves with all penaltiesrespect to such Impositions being contested. In the event that one or more of the Impositions on Huntington's interest in the Mortgaged Property, finesthe Mortgage or the Indebtedness cannot be lawfully paid by Borrower, intereststhen the Mortgaged Property shall be withdrawn from the Collateral Pool (as such team is defined in the Loan Agreement). In the event the withdrawal of the Mortgaged Property from the Collateral Pool causes Borrower not to be in compliance with the required loan to value ratio under the Loan Agreement, costs and expenses Borrower may either furnish substitute property, as provided in connection therewithSection 7 of the Loan Agreement, or pay down the Indebtedness in an amount which will bring the loan to value ratio into compliance.
Appears in 4 contracts
Samples: Deed of Trust, Assignment of Rents and Security Agreement (Glimcher Realty Trust), Mortgage, Assignment of Rents and Security Agreement (Glimcher Realty Trust), Open End Mortgage, Assignment of Rents and Security Agreement (Glimcher Realty Trust)
Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, and shall deliver promptly to Mortgagee such evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoing, Mortgagor shall not be required to pay any such taxes, assessments, charges or other levies so long as Mortgagor shall in good faith, and at its cost and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewith.. February-16-2012
Appears in 3 contracts
Samples: Loan Agreement (Cellteck Inc.), Consolidated Amendment Agreement (Cellteck Inc.), Second Consolidated Amendment Agreement (Cellteck Inc.)
Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, Borrower shall promptly pay before delinquency all taxes, assessments and other charges assessments, charges, fines or levies imposed impositions, general, local or special (collectively the "Impositions"), levied upon or against or with respect to the Property or the ownershipMortgaged Property, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, or upon Lender's interest therein, or upon the Mortgage or the Indebtedness, by any duly or legally constituted public authority, municipality, township, county or state or the United States, and shall deliver promptly to Mortgagee such exhibit the evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoingto Lender upon Lender's request; provided that Borrower, Mortgagor shall not be required to pay any such taxesat Borrower's own cost and expense may, assessments, charges or other levies so long as Mortgagor if it shall in good faith, and at its cost and expensefaith so desire, contest the validity or amount or validity thereof, or take other appropriate action with respect theretoof any Impositions, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate which event Borrower may defer the payment thereof for such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense period as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly actively prosecuted and shall be pending undetermined; provided further, however, that Borrower shall not allow any such Impositions so contested to final conclusion remain unpaid for such length of time as shall permit all or settlementany portion of the Mortgaged Property, or the lien thereon created by such item, to be sold by federal, state, county or municipal authority for the nonpayment thereof. Pending any such contest, Borrower shall furnish to Lender an indemnity bond secured by a deposit in cash or other security acceptable to Lender, in the amount of the tax or assessment being contested by Borrower, plus a reasonable additional sum to pay all costs, interest and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability penalties which may be imposed or expense as a result thereof or incurred in connection therewith. Promptly In the event that one or more of the Impositions on Lender's interest in the Mortgaged Property, the Mortgage or the Indebtedness cannot be lawfully paid by Borrower, then Borrower shall repay the Indebtedness in full without penalty within sixty (60) days after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithdemand therefor by Lender.
Appears in 3 contracts
Samples: Mortgage, Assignment of Rents and Security Agreement (Glimcher Realty Trust), Mortgage, Assignment of Rents and Security Agreement (Glimcher Realty Trust), Open End Mortgage, Assignment of Rents and Security Agreement (Glimcher Realty Trust)
Taxes and Other Impositions. Mortgagor, and each constituent member of Mortgagor, have filed all federal, state, county, municipal and city income and other tax returns required to have been filed by such person and have paid all taxes which have become due pursuant to such returns or pursuant to any assessments received by them, and Mortgagor knows of no basis for any additional assessment in respect of any such taxes. In addition, Mortgagor has paid in full all sums owing or claimed for labor, material, supplies, personal property (whether or not forming a Fixture hereunder) and services of every kind and character used, furnished or installed in or on the Mortgaged Property. Mortgagor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Mortgaged Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as before the same become due and payable without premium or penaltydelinquent, including but not limited to all real estate ad valorem taxes assessed against the Mortgaged Property or any part thereof, and shall deliver promptly to the Mortgagee such evidence of the payment thereof as the Mortgagee may reasonably require. Notwithstanding The Mortgagor may, after notifying the foregoingMortgagee, Mortgagor shall not be required to pay and at the Mortgagor's expense, in good faith contest any such taxes, assessments, other charges or levies or utility and other levies charges and, in the event of any such contest, may permit the taxes, assessments or other charges so long as contested to remain unpaid during the period of such contest and any appeal therefrom. Pending such contest, Mortgagor shall not be deemed in good faithdefault hereunder because of such nonpayment if, prior to delinquency of the asserted tax or assessment, Mortgagor deposits with the Mortgagee an amount equal to at least 110% of the tax or assessment being contested by Mortgagor plus a reasonable additional sum to pay all costs, interest and penalties which may be imposed or incurred in connection therewith, conditioned that such tax or assessment, with interest, cost and penalties, be paid as herein stipulated, and at its cost if Mortgagor is diligently and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedingscontesting the validity, (b) such proceedings operate to prevent the collection ofamount, or other realization uponapplication of the asserted tax or assessment, and if Mortgagor promptly pays any amount adjudged by a court of competent jurisdiction to be due, with all costs, penalties and interest thereon, on or before the date such judgment becomes final; and provided, further, that in any event, the taxestax, assessmentsassessment, charges or other levies so contestedpenalties, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, interest and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest costs shall be promptly prosecuted paid prior to final conclusion the date on which any writ or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or order is issued under which the Mortgaged Property may be sold in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithsatisfaction thereof.
Appears in 2 contracts
Samples: Open End Mortgage, Security Agreement, Fixture Filing, and Assignment of Leases and Rents (Westway Group, Inc.), Open End Mortgage, Security Agreement, Fixture Filing, and Assignment of Leases and Rents (Westway Group, Inc.)
Taxes and Other Impositions. Mortgagor Grantor, and each constituent member of Grantor, have filed all federal, state, county, municipal and city income and other tax returns required to have been filed by such person and have paid all taxes which have become due pursuant to such returns or pursuant to any assessments received by them, and Grantor knows of no basis for any additional assessment in respect of any such taxes. In addition, Grantor has paid in full all sums owing or claimed for labor, material, supplies, personal property (whether or not forming a Fixture hereunder) and services of every kind and character used, furnished or installed in or on the Mortgaged Property. Grantor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Mortgaged Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as before the same become due and payable without premium or penaltydelinquent, including but not limited to all real estate ad valorem taxes assessed against the Mortgaged Property or any part thereof, and shall deliver promptly to Mortgagee the Beneficiary such evidence of the payment thereof as Mortgagee the Beneficiary may reasonably require. Notwithstanding The Grantor may, after notifying the foregoingBeneficiary, Mortgagor shall not be required to pay and at the Grantor's expense, in good faith contest any such taxes, assessments, other charges or levies or utility and other levies charges and, in the event of any such contest, may permit the taxes, assessments or other charges so long contested to remain unpaid during the period of such contest and any appeal therefrom. Pending such contest, Grantor shall not be deemed in default hereunder because of such nonpayment if, prior to delinquency of the asserted tax or assessment, Grantor deposits with the Beneficiary an amount equal to at least 110% of the tax or assessment being contested by Grantor plus a reasonable additional sum to pay all costs, interest and penalties which may be imposed or incurred in connection therewith, conditioned that such tax or assessment, with interest, cost and penalties, be paid as Mortgagor shall in good faithherein stipulated, and at its cost if Grantor is diligently and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedingscontesting the validity, (b) such proceedings operate to prevent the collection ofamount, or other realization uponapplication of the asserted tax or assessment, and if Grantor promptly pays any amount adjudged by a court of competent jurisdiction to be due, with all costs, penalties and interest thereon, on or before the date such judgment becomes final; and provided, further, that in any event, the taxestax, assessmentsassessment, charges or other levies so contestedpenalties, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, interest and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest costs shall be promptly prosecuted paid prior to final conclusion the date on which any writ or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or order is issued under which the Mortgaged Property may be sold in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithsatisfaction thereof.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement, Fixture Filing, and Assignment of Leases and Rents (Westway Group, Inc.), Deed of Trust (Westway Group, Inc.)
Taxes and Other Impositions. Mortgagor Grantor, and each constituent member of Grantor, have filed all federal, state, county, municipal and city income and other tax returns required to have been filed by such person and have paid all taxes which have become due pursuant to such returns or pursuant to any assessments received by them, and Gxxxxxx knows of no basis for any additional assessment in respect of any such taxes. In addition, Gxxxxxx has paid in full all sums owing or claimed for labor, material, supplies, personal property (whether or not forming a Fixture hereunder) and services of every kind and character used, furnished or installed in or on the Mortgaged Property. Grantor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Mortgaged Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as before the same become due and payable without premium or penaltydelinquent, including but not limited to all real estate ad valorem taxes assessed against the Mortgaged Property or any part thereof, and shall deliver promptly to Mortgagee the Beneficiary such evidence of the payment thereof as Mortgagee the Beneficiary may reasonably require. Notwithstanding The Grantor may, after notifying the foregoingBeneficiary, Mortgagor shall not be required to pay and at the Grantor's expense, in good faith contest any such taxes, assessments, other charges or levies or utility and other levies charges and, in the event of any such contest, may permit the taxes, assessments or other charges so long contested to remain unpaid during the period of such contest and any appeal therefrom. Pending such contest, Grantor shall not be deemed in default hereunder because of such nonpayment if, prior to delinquency of the asserted tax or assessment, Grantor deposits with the Beneficiary an amount equal to at least 110% of the tax or assessment being contested by Grantor plus a reasonable additional sum to pay all costs, interest and penalties which may be imposed or incurred in connection therewith, conditioned that such tax or assessment, with interest, cost and penalties, be paid as Mortgagor shall in good faithherein stipulated, and at its cost if Grantor is diligently and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedingscontesting the validity, (b) such proceedings operate to prevent the collection ofamount, or other realization uponapplication of the asserted tax or assessment, and if Grantor promptly pays any amount adjudged by a court of competent jurisdiction to be due, with all costs, penalties and interest thereon, on or before the date such judgment becomes final; and provided, further, that in any event, the taxestax, assessmentsassessment, charges or other levies so contestedpenalties, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, interest and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest costs shall be promptly prosecuted paid prior to final conclusion the date on which any writ or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or order is issued under which the Mortgaged Property may be sold in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithsatisfaction thereof.
Appears in 2 contracts
Samples: Leasehold Deed of Trust, Security Agreement, Fixture Filing, and Assignment of Leases and Rents (Westway Group, Inc.), Leasehold Deed of Trust, Security Agreement, Fixture Filing, and Assignment of Leases and Rents (Westway Group, Inc.)
Taxes and Other Impositions. Mortgagor will payBorrower shall pay all of its current obligations before delinquent, including all federal, state and local taxes and all other payments required under federal, state, or local law and all other impositions. Without limitation of the foregoing, Borrower will cause to be paid, paid prior to delinquency all taxes, taxes and assessments and other charges heretofore or levies imposed upon hereafter levied or against or with respect to the Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property each Eligible Property, or any part thereof, and shall deliver promptly will furnish to Mortgagee Lender, on or before February 28th of each year, receipts showing payment of such evidence of taxes and assessments with respect to the payment thereof as Mortgagee preceding calendar year, provided that Borrower may require. Notwithstanding the foregoing, Mortgagor shall not be required to pay any such taxes, assessments, charges or other levies so long as Mortgagor shall in good faith, and at its cost and expenseby appropriate proceedings, contest the amount or validity thereofvalidity, applicability, or take other appropriate action with respect theretoamount of any asserted tax or assessment, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate pending such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee contest Borrower shall not be subjected deemed in default hereunder if (i) Borrower shall diligently prosecute such contest in a manner not prejudicial to any claimthe rights, costliens and security interests of Lender; (ii) prior to delinquency of the asserted tax or assessment Borrower furnishes Lender with an indemnity secured by a deposit in cash or other security reasonably acceptable to Lender, liability or expense as an indemnity bond with a result thereofsurety acceptable to Lender, in the amount of the tax or assessment being contested by Borrower plus a reasonable additional sum to pay all costs, interests and penalties which may be imposed or incurred in connection therewith; (iii) Borrower pays to Lender promptly after demand therefor all costs and expenses incurred by Lender in connection with such contest; and (eiv) Mortgagor provides assurances satisfactory Borrower promptly causes to Mortgagee (includingbe paid any amount adjudged by a court of competent jurisdiction to be due, without limitationwith all costs, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay penalties and interest thereon, promptly after such taxesjudgment becomes final and non-appealable; provided, assessmentshowever, charges and other levies that in the any event Mortgagor is unsuccessful in its contest. Each each such contest shall be promptly prosecuted to final conclusion or settlementconcluded, and Mortgagor shall indemnify the tax, assessment, penalties, interest and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which costs shall be leviedpaid, assessed prior to the date any writ or imposed order is issued under which any Eligible Property or determined to any part thereof may be payablesold. To the extent there is conflict between this paragraph and the provisions of any of the other Loan Documents, together with all penalties, fines, interests, costs and expenses in connection therewith.this Section shall control;
Appears in 1 contract
Samples: Loan Agreement (Hartman Commercial Properties Reit)
Taxes and Other Impositions. Mortgagor will pay, or cause (i) Tenant agrees to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same pay before they become due and payable without premium or penalty, including but not limited to delinquent all real estate taxes and special assessments that may be lawfully levied or assessed against the Property Premises. Taxes for the first and last lease years shall be prorated.
(ii) Tenant shall pay before delinquency any and all taxes, assessments, license fees and public charges levied, assessed or imposed and which become payable during the Term upon Tenant's fixtures, furniture, appliances and personal property installed or located in or on the Premises. Tenant shall also pay all franchise taxes, business taxes or other similar taxes that may be levied or imposed upon the Premises or the business carried on therein and also all other taxes and rates which are payable by Tenant.
(iii) If Landlord shall receive any statement or notice relative to any tax or assessment, in whole or part thereofpayable by Tenant, and Landlord shall promptly after receipt thereof deliver promptly to Mortgagee such evidence a copy of the payment thereof as Mortgagee may requiresame to Tenant. Notwithstanding Tenant shall have the foregoingprivilege, Mortgagor shall not be required before delinquency occurs, of contesting, objecting to pay or opposing the legality or validity of any such taxes, assessments, charges impositions or other levies so long as Mortgagor shall in good faith, and at its cost and expense, contest the amount or validity thereof, or take other appropriate action with respect theretocharges, in good faith and in an appropriate manner or by appropriate proceedings; Landlord's name if necessary, provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate prompt notice of such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, objection or opposition shall be given to Landlord by Tenant at least twenty (d20) Mortgagee days before any delinquency and provided further that such contest, objection or opposition shall not be subjected to any claim, cost, liability carried on or expense as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly maintained after the settlement aforesaid time limit for the payment by Tenant of the obligation, unless Tenant shall have duly paid the amount involved under protest or conclusion shall procure and maintain a stay of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined all proceedings to be payableenforce any collection thereof, together with all penalties, fines, interestsinterest, costs and expenses, by a deposit of a sufficient sum of money or by a good and sufficient undertaking as may be required or permitted by law to accomplish such a stay, unless Tenant shall furnish Landlord with a bond of a surety company qualified to do business within the Commonwealth of Virginia, satisfactory to Landlord, which in form, content and amount of penalty, shall likewise be reasonably satisfactory to Landlord. In the event of any such contest, objection, or opposition, Tenant promises and agrees, after the final determination thereof adversely to Tenant, to fully pay and discharge the amounts involved in or affected by such contest, objection or opposition, together with any penalties, fines, interest, costs, and expenses that may have accrued thereon that may result from any such action by Tenant.
(iv) Should any governmental taxing authority levy, asses or impose a tax and/or assessment (other than a net income tax) upon or against the rentals payable by Tenant to Landlord and/or against the gross receipts received by Landlord from Tenant, either by way of substitution for or in connection therewithaddition to any existing tax on land or buildings or otherwise, Tenant shall be responsible for and pay such tax or assessment, or shall reimburse the Landlord for the amount thereof, as the case may be, as Additional Rent, within thirty (30) days of receipt of a bill therefor xxxm Landlord.
(v) If it shall not be lawful for Tenant to reimburse Landlord for any of the taxes, assessments or other impositions, the Minimum Annual Rent shall be increased by the amount of such imposition , unless prohibited by law.
Appears in 1 contract
Samples: Deed of Lease (Elizabeth Arden Inc)
Taxes and Other Impositions. Mortgagor will pay(a) Commencing on the Lease Commencement Date and continuing through the remainder of the Term, Tenant shall be solely obligated for the costs of all real estate taxes and other impositions for the Demised Premises, including the Building and the Land, and Tenant agrees to pay all installments of such imposition which accrue during the Term. If any real estate taxes or cause other impositions for the Demised Premises are payable in arrears, Tenant agrees to be paid, pay to Landlord Tenant's share of such taxes attributable to the last year of the Term within thirty (30) days after Tenant receives from Landlord evidence of the actual amount due for such last year. This provision shall expressly survive the expiration or termination of this Lease in order to settle up Tenant's pro rata share of such taxes for the final Lease Year of the Term.
(b) Real estate taxes and other impositions shall mean all ad valorem taxes, assessments water and sanitary taxes, assessments, liens, licenses and permit fees or any other charges taxes imposed, assessed or levies levied against the Land and the Demised Premises, and all other charges, impositions or burdens of whatever kind and nature, whether or not particularized by name, and whether general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be created, assessed, confirmed, adjudged, imposed or charged upon or against or with respect to the Property Demised Premises, the Land, or any improvements made thereto, or on any part of the foregoing or any appurtenances thereto, or directly upon this Lease or the ownershiprent payable hereunder or amounts payable by any subtenants or other occupants of the Demised Premises, or upon this transaction or any documents to which Tenant is a party or successor-in-interest, or against Landlord because of Landlord's estate or interest herein, by any governmental authority, or under any law, including among others, all rental, sales, use, occupancy inventory or enjoyment other similar taxes and any special tax bills and general, special or other assessments and liens or charges made on local or general improvements or any governmental or public power or authority whatsoever.
(c) Notwithstanding the foregoing, if any imposition shall be created, levied, assessed, adjudged, imposed, charged or become a lien with respect to a period of time which commences before the Lease Commencement Date or ends after the expiration date of the Term (other than an expiration date of the Term by reason of breach of any of the terms hereof by Tenant), then Tenant shall only be required to pay that portion thereofof such imposition which is equal to the proportion of said period which falls within the Term. If Tenant is permitted to pay (by the assessing and collecting authorities) and elects to pay any imposition in installments, Tenant shall nevertheless pay any and all installments thereof which are due prior to the expiration of the Term or sooner termination of the Term. Nothing contained in this Lease shall require Tenant to pay any income or excess profits or taxes assessed against Landlord, or any utility service theretocorporation, as capital stock and franchise taxes imposed upon Landlord. Landlord agrees to deliver to Tenant copies of all such notices of real estate taxes and impositions which Landlord receives.
(d) Landlord and Tenant shall cooperate in attempting to have the same become due tax bills for the Demised Premises sent directly to Tenant. Landlord shall forward tax bills and payable without premium or penalty, including but not limited all notices with respect thereto related to the Demised Premises to Tenant promptly after Landlord's receipt thereof Tenant shall furnish Landlord evidence of the payment of all real estate taxes assessed against and impositions related to the Property Demised Premises at least ten (10) days before the last day upon which they may be paid without any fine, penalty, interest or any part thereof, and shall deliver promptly to Mortgagee such evidence of the payment thereof as Mortgagee may requireadditional cost. Notwithstanding the foregoing, Mortgagor shall not be required If Tenant fails to pay any such taxes, assessments, charges or other levies so long as Mortgagor shall in good faith, the real estate taxes and at its cost impositions related to the Demised Premises when due and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability Landlord elects to pay the real estate taxes and impositions related to the Demised Premises, Tenant agrees to pay Landlord such taxesreal estate taxes and impositions attributable to the Demised Premises so paid by Landlord, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly within thirty (30) days after the settlement or conclusion receipt of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithwritten notice from Landlord.
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Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, and shall deliver promptly to Mortgagee such evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoing, Mortgagor Mxxxxxxxx shall not be required to pay any such taxes, assessments, charges or other levies so long as Mortgagor shall in good faith, and at its cost and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewith.
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Samples: Leasehold Mortgage, Assignment, Security Agreement and Fixture Filing (Cellteck Inc.)
Taxes and Other Impositions. Mortgagor will pay(a) Commencing on the Effective Date and continuing through the remainder of the Term, Tenant shall be solely obligated for the costs of all real estate taxes and other impositions for the Demised Premises, including the Building and the Land, and Tenant agrees to pay all installments of such imposition which accrue during the Term. If any real estate taxes or cause other impositions for the Demised Premises are payable in arrears, Tenant agrees to be paid, pay to Landlord Tenant's share of such taxes attributable to the last year of the Term within thirty (30) days after Tenant receives from Landlord evidence of the actual amount due for such last year. This provision shall expressly survive the expiration or termination of the Lease in order to settle up Tenant's pro rata share of such taxes for the final Lease Year of the Term.
(b) Real estate taxes and other impositions shall mean all ad valorem taxes, assessments water and sanitary taxes, assessments, liens, licenses and permit fees or any other charges taxes imposed, assessed or levies levied against the Land and the Demised Premises, and all other charges, impositions or burdens of whatever kind and nature, whether or not particularized by name, and whether general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be created, assessed, confirmed, adjudged, imposed or charged upon or against or with respect to the Property Demised Premises, the Land, or any improvements made thereto, or on any part of the foregoing or any appurtenances thereto, or directly upon this Lease or the ownershiprent payable hereunder or amounts payable by any subtenants or other occupants of the Demised Premises, or upon this transaction or any documents to which Tenant is a party or successor-in-interest, or against Landlord because of Landlord's estate or interest herein, by any governmental authority, or under any law, including among others, all rental, sales, use, occupancy inventory or enjoyment other similar taxes and any special tax bills and general, special or other assessments and liens or charges made on local or general improvements or any governmental or public power or authority whatsoever.
(c) Notwithstanding the foregoing, if any imposition shall be created, levied, assessed, adjudged, imposed, charged or become a lien with respect to a period of time which ends after the expiration date of the Term (other than an expiration date of the Term by reason of breach of any of the terms hereof by Tenant), then Tenant shall only be required to pay that portion thereofof such imposition which is equal to the proportion of said period which falls within the Term. If Tenant is permitted to pay (by the assessing and collecting authorities) and elects to pay any imposition in installments, Tenant shall nevertheless pay any and all installments thereof which are due prior to the expiration of the Term or sooner termination of the Term. Nothing contained in this Lease shall require Tenant to pay any income or excess profits or taxes assessed against Landlord, or any utility service theretocorporation, as capital stock and franchise taxes imposed upon Landlord. Landlord agrees to deliver to Tenant copies of all such notices of real estate taxes and impositions which Landlord receives.
(d) Landlord shall forward tax bills related to the same become due and payable without premium or penalty, including but not limited Demised Premises to Tenant promptly after Landlord's receipt thereof. Tenant shall furnish Landlord evidence of the payment of all real estate taxes assessed against and impositions related to the Property Demised Premises at least ten (10) days before the last day upon which they may be paid without any fine, penalty, interest or any part thereof, and shall deliver promptly to Mortgagee such evidence of the payment thereof as Mortgagee may requireadditional cost. Notwithstanding the foregoing, Mortgagor shall not be required If Tenant fails to pay any such taxes, assessments, charges or other levies so long as Mortgagor shall in good faith, the real estate taxes and at its cost impositions related to the Demised Premises when due and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability Landlord elects to pay the real estate taxes and impositions related to the Demised Premises, Tenant agrees to pay Landlord such taxesreal estate taxes and impositions attributable to the Demised Premises so paid by Landlord, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly within thirty (30) days after the settlement or conclusion receipt of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithwritten notice from Landlord."
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Taxes and Other Impositions. Mortgagor will pay(a) Commencing on the Lease Commencement Date and continuing through the remainder of the Term, Tenant shall be solely obligated for the costs of all real estate taxes and other impositions for the Demised Premises, including the Building and the Land, and Tenant agrees to pay all installments of such imposition which accrue during the Term. Landlord agrees to pay all Taxes due on the Demised Premises for all periods prior to the Lease Commencement Date, as well as all "hook up", building permit or cause other fees and charges levied by any municipal body in connection with the construction of the Building and other improvements, whether or not assessed or payable prior to be paidthe Lease Commencement Date, specifically excluding, however, all costs associated with permits or other fees incurred as a result of Tenant's particular use of the Demised Premises (e.g. racking permits). If any real estate taxes or other impositions for the Demised Premises are payable in arrears, Tenant agrees to pay to Landlord Tenant's share of such taxes attributable to the last year of the Term within thirty (30) days after Tenant receives from Landlord evidence of the actual amount due for such last year. This provision shall expressly survive the expiration or termination of this Lease in order to settle up Tenant's pro rata share of such taxes for the final Lease Year of the Term.
(b) Real estate taxes and other impositions shall mean all ad valorem taxes, assessments water and sanitary taxes, assessments, liens, licenses and permit fees or any other charges taxes imposed, assessed or levies levied against the Land and the Demised Premises, and all other charges, impositions or burdens of whatever kind and nature, whether or not particularized by name, and whether general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be created, assessed, confirmed, adjudged, imposed or charged upon or against or with respect to the Property Demised Premises, the Land, or any improvements made thereto, or on any part of the foregoing or any appurtenances thereto, or directly upon this Lease or the ownershiprent payable hereunder or amounts payable by any subtenants or other occupants of the Demised Premises, or upon this transaction or any documents to which Tenant is a party or successor-in-interest, or against Landlord because of Landlord's estate or interest herein, by any governmental authority, or under any law, including among others, all rental, sales, use, occupancy inventory or enjoyment other similar taxes and any special tax bills and general, special or other assessments and liens or charges made on local or general improvements or any governmental or public power or authority whatsoever.
(c) Notwithstanding the foregoing, if any imposition shall be created, levied, assessed, adjudged, imposed, charged or become a lien with respect to a period of time which commences before the Lease Commencement Date or ends after the expiration date of the Term (other than an expiration date of the Term by reason of breach of any of the terms hereof by Tenant), then Tenant shall only be required to pay that portion thereofof such imposition which is equal to the proportion of said period which falls within the Term. If Tenant is permitted to pay (by the assessing and collecting authorities) and elects to pay any imposition in installments, Tenant shall nevertheless pay any and all installments thereof which are due prior to the expiration of the Term or sooner termination of the Term. Nothing contained in this Lease shall require Tenant to pay any income or excess profits or taxes assessed against Landlord, or any utility service theretocorporation, as capital stock and franchise taxes imposed upon Landlord. Landlord agrees to deliver to Tenant copies of all such notices of real estate taxes and impositions which Landlord receives.
(d) Landlord shall forward tax bills related to the same become due and payable without premium or penalty, including but not limited Demised Premises to Tenant promptly after Landlord's receipt thereof. Tenant shall furnish Landlord evidence of the payment of all real estate taxes assessed against and impositions related to the Property Demised Premises at least ten (10) days before the last day upon which they may be paid without any fine, penalty, interest or any part thereof, and shall deliver promptly to Mortgagee such evidence of the payment thereof as Mortgagee may requireadditional cost. Notwithstanding the foregoing, Mortgagor shall not be required If Tenant fails to pay any such taxes, assessments, charges or other levies so long as Mortgagor shall in good faith, the real estate taxes and at its cost impositions related to the Demised Premises when due and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability Landlord elects to pay the real estate taxes and impositions related to the Demised Premises, Tenant agrees to pay Landlord such taxesreal estate taxes and impositions attributable to the Demised Premises so paid by Landlord, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly within thirty (30) days after the settlement or conclusion receipt of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithwritten notice from Landlord.
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Samples: Industrial Lease Agreement (Global Directmail Corp)
Taxes and Other Impositions. Mortgagor Grantor, and each constituent member of Grantor, have filed all federal, state, county, municipal and city income and other tax returns required to have been filed by such person and have paid all taxes which have become due pursuant to such returns or pursuant to any assessments received by them, and Xxxxxxx knows of no basis for any additional assessment in respect of any such taxes. In addition, Xxxxxxx has paid in full all sums owing or claimed for labor, material, supplies, personal property (whether or not forming a Fixture hereunder) and services of every kind and character used, furnished or installed in or on the Mortgaged Property. Grantor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Mortgaged Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as before the same become due and payable without premium or penaltydelinquent, including but not limited to all real estate ad valorem taxes assessed against the Mortgaged Property or any part thereof, and shall deliver promptly to Mortgagee the Beneficiary such evidence of the payment thereof as Mortgagee the Beneficiary may reasonably require. Notwithstanding The Grantor may, after notifying the foregoingBeneficiary, Mortgagor shall not be required to pay and at the Grantor's expense, in good faith contest any such taxes, assessments, other charges or levies or utility and other levies charges and, in the event of any such contest, may permit the taxes, assessments or other charges so long contested to remain unpaid during the period of such contest and any appeal therefrom. Pending such contest, Grantor shall not be deemed in default hereunder because of such nonpayment if, prior to delinquency of the asserted tax or assessment, Grantor deposits with the Beneficiary an amount equal to at least 110% of the tax or assessment being contested by Grantor plus a reasonable additional sum to pay all costs, interest and penalties which may be imposed or incurred in connection therewith, conditioned that such tax or assessment, with interest, cost and penalties, be paid as Mortgagor shall in good faithherein stipulated, and at its cost if Grantor is diligently and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedingscontesting the validity, (b) such proceedings operate to prevent the collection ofamount, or other realization uponapplication of the asserted tax or assessment, and if Grantor promptly pays any amount adjudged by a court of competent jurisdiction to be due, with all costs, penalties and interest thereon, on or before the date such judgment becomes final; and provided, further, that in any event, the taxestax, assessmentsassessment, charges or other levies so contestedpenalties, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, interest and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest costs shall be promptly prosecuted paid prior to final conclusion the date on which any writ or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or order is issued under which the Mortgaged Property may be sold in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithsatisfaction thereof.
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Taxes and Other Impositions. Mortgagor Grantor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Property or prior to the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as time the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereofdelinquent, and shall deliver promptly to Mortgagee Holder such evidence of the payment thereof as Mortgagee Holder may require. Notwithstanding ; provided that Grantor may in good faith, by appropriate proceedings, contest the foregoingvalidity, Mortgagor applicability, or amount of any asserted tax or assessment, and pending such contest Grantor shall not be required deemed in default hereunder if (i) Grantor shall diligently prosecute such contest in a manner not prejudicial to pay any the rights, liens and security interests of Lender; (ii) prior to delinquency of the asserted tax or assessment Grantor establishes with Lender an escrow acceptable to Lender adequate to cover the payment of such tax or assessment with interest, costs and penalties and a reasonable additional sum to cover possible costs, interest and penalties (which escrow shall be returned to Grantor upon payment of all such taxes, assessments, charges interest, costs and penalties or disbursed in accordance with the resolution of the contest to the claimant) or furnishes Lender with an indemnity bond secured by a deposit in cash or other levies so long as Mortgagor shall security acceptable to Lender, or with a surety acceptable to Lender, in good faith, and at its cost and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the tax or assessment being contested by Grantor plus a reasonable additional sum to pay all costs, interests and penalties which may be imposed or incurred in connection therewith; (iii) Grantor pays to Lender promptly after demand therefor all costs and expenses incurred by Lender in connection with such contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, ; and (eiv) Mortgagor provides assurances satisfactory Grantor promptly causes to Mortgagee (includingbe paid any amount adjudged by a court of competent jurisdiction to be due, without limitationwith all costs, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay penalties and interest thereon, promptly after such taxesjudgment becomes final and unappealable; provided, assessmentshowever, charges and other levies that in the any event Mortgagor is unsuccessful in its contest. Each each such contest shall be promptly prosecuted to final conclusion or settlementconcluded and the tax, assessment, penalties, interest and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which costs shall be levied, assessed paid prior to the date any writ or imposed or determined to order is issued under which the Property may be payable, together with all penalties, fines, interests, costs and expenses in connection therewithsold.
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