Common use of Taxes and Other Impositions Clause in Contracts

Taxes and Other Impositions. Borrower shall promptly pay or cause to be paid before delinquency all taxes, assessments, charges, fines or impositions, general, local or special (collectively the "Impositions"), levied upon the Mortgaged 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 upon request, will provide evidence of the payment thereof to Huntington; provided that Borrower, at Borrower's own cost and expense may, if it shall in good faith so desire, contest the validity or amount of any Impositions, in which event Borrower may defer the payment thereof for such period as such contest shall be actively prosecuted and shall be pending undetermined; further provided, however, that Borrower shall not allow any such Impositions so contested to remain unpaid for such length of time as shall permit all or any 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 maintain adequate book reserves with respect to such Impositions being contested. In the event that one or more of the Impositions on Huntington'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 demand therefor by Huntington.

Taxes and Other Impositions. Borrower shall promptly pay or cause to be paid before delinquency all taxes, assessments, charges, fines or impositions, general, local or special (collectively the "Impositions"), levied upon the Mortgaged Property, or any part thereof, or upon HuntingtonLender's interest therein, or upon the Mortgage Instrument or the Indebtedness, by any duly or legally constituted public authority, municipality, township, county or state or the United States, and upon request, will provide evidence of the payment thereof to HuntingtonLender; provided that Borrower, at Borrower's own cost and expense may, if it shall in good faith so desire, contest the validity or amount of any Impositions, in which event Borrower may defer the payment thereof for such period as such contest shall be actively prosecuted and shall be pending undetermined; further provided, however, that Borrower shall not allow any such Impositions so contested to remain unpaid for such length of time as shall permit all or any 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 maintain adequate book reserves with respect to such Impositions being contested. In the event that one or more of the Impositions on HuntingtonLender's interest in the Mortgaged Property, the Mortgage Instrument or the Indebtedness cannot be lawfully paid by Borrower, then 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 shall repay not to be in compliance with the required loan to value ratio under the Loan Agreement, Borrower may either furnish substitute property, as provided in the Loan Agreement, or pay down the Indebtedness in full without penalty within sixty (60) days after demand therefor by Huntingtonan amount which will bring the loan to value ratio into compliance.

Taxes and Other Impositions. Borrower shall promptly pay or cause to be paid before delinquency all taxes, assessments, charges, fines or impositions, general, local or special (collectively the "Impositions"), levied upon the Mortgaged Property, or any part thereof, or upon HuntingtonLender'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 upon request, will provide evidence of the payment thereof to HuntingtonLender; provided that Borrower, at Borrower's own cost and expense may, if it shall in good faith so desire, contest the validity or amount of any Impositions, in which event Borrower may defer the payment thereof for such period as such contest shall be actively prosecuted and shall be pending undetermined; further provided, however, that Borrower shall not allow any such Impositions so contested to remain unpaid for such length of time as shall permit all or any 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 maintain adequate book reserves with respect to such Impositions being contested. In the event that one or more of the Impositions on HuntingtonLender's interest in the Mortgaged Property, the Mortgage or the Indebtedness cannot be lawfully paid by Borrower, then 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 shall repay not to be in compliance with the required loan to value ratio under the Loan Agreement, Borrower may either furnish substitute property, as provided in the Loan Agreement, or pay down the Indebtedness in full without penalty within sixty (60) days after demand therefor by Huntingtonan amount which will bring the loan to value ratio into compliance.

Taxes and Other Impositions. Borrower Trustor shall promptly pay or cause to be paid before delinquency all taxes, assessments, charges, fines or impositions, general, local or special (collectively the "Impositions"), levied upon the Mortgaged Trust Property, or any part thereof, or upon HuntingtonBeneficiary's interest therein, or upon the Mortgage Deed of Trust or the Indebtedness, by any duly or legally constituted public authority, municipality, township, county or state or the United States, and upon request, will provide evidence of the payment thereof to HuntingtonBeneficiary; provided that BorrowerTrustor, at BorrowerTrustor's own cost and expense may, if it shall in good faith so desire, contest the validity or amount of any Impositions, in which event Borrower Trustor may defer the payment thereof for such period as such contest shall be actively prosecuted and shall be pending undetermined; further provided, however, that Borrower Trustor shall not allow any such Impositions so contested to remain unpaid for such length of time as shall permit all or any portion of the Mortgaged Trust 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 Trustor shall maintain adequate book reserves with respect to such Impositions being contested. In the event that one or more of the Impositions on HuntingtonBeneficiary's interest in the Mortgaged Trust Property, the Mortgage Deed of Trust or the Indebtedness cannot be lawfully paid by BorrowerTrustor, then Borrower the Trust Property shall repay be withdrawn from the Collateral Pool (as such team is defined in the Loan Agreement). In the event the withdrawal of the Trust Property from the Collateral Pool causes Trustor not to be in compliance with the required loan to value ratio under the Loan Agreement, Trustor may either furnish substitute property, as provided in the Loan Agreement, or pay down the Indebtedness in full without penalty within sixty (60) days after demand therefor by Huntingtonan amount which will bring the loan to value ratio into compliance.

Taxes and Other Impositions. Borrower Trustor shall promptly pay or cause to be paid before delinquency all taxes, assessments, charges, fines or impositions, general, local or special (collectively the "Impositions"), levied upon the Mortgaged Trust Property, or any part thereof, or upon Huntington's interest therein, or upon the Mortgage Deed of Trust or the Indebtedness, by any duly or legally constituted public authority, municipality, township, county or state or the United States, and upon request, will provide evidence of the payment thereof to Huntington; provided that BorrowerTrustor, at BorrowerTrustor's own cost and expense may, if it shall in good faith so desire, contest the validity or amount of any Impositions, in which event Borrower Trustor may defer the payment thereof for such period as such contest shall be actively prosecuted and shall be pending undetermined; further provided, however, that Borrower Trustor shall not allow any such Impositions so contested to remain unpaid for such length of time as shall permit all or any portion of the Mortgaged Trust 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 Trustor shall maintain adequate book reserves with respect to such Impositions being contested. In the event that one or more of the Impositions on Huntington's interest in the Mortgaged Trust Property, the Mortgage Deed of Trust or the Indebtedness cannot be lawfully paid by BorrowerTrustor, then Borrower the Trust Property shall repay be withdrawn from the Collateral Pool (as such team is defined in the Loan Agreement). In the event the withdrawal of the Trust Property from the Collateral Pool causes Trustor not to be in compliance with the required loan to value ratio under the Loan Agreement, Trustor may either furnish substitute property, as provided in Section 7 of the Loan Agreement, or pay down the Indebtedness in full without penalty within sixty (60) days after demand therefor by Huntingtonan amount which will bring the loan to value ratio into compliance.

Taxes and Other Impositions. Borrower shall promptly pay or cause to be paid before delinquency all taxes, assessments, charges, fines or impositions, general, local or special (collectively the "Impositions"), levied upon the Mortgaged Property, or any part thereof, or upon HuntingtonLender's interest therein, or upon the Mortgage Property or the Indebtedness, by any duly or legally constituted public authority, municipality, township, county or state or the United States, and upon request, will provide evidence of the payment thereof to HuntingtonLender; provided that Borrower, at Borrower's own cost and expense may, if it shall in good faith so desire, contest the validity or amount of any Impositions, in which event Borrower may defer the payment thereof for such period as such contest shall be actively prosecuted and shall be pending undetermined; further provided, however, that Borrower shall not allow any such Impositions so contested to remain unpaid for such length of time as shall permit all or any 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 maintain adequate book reserves with respect to such Impositions being contested. In the event that one or more of the Impositions on HuntingtonLender's interest in the Mortgaged Property, the Mortgage Deed of Trust or the Indebtedness cannot be lawfully paid by Borrower, then Borrower shall repay the Indebtedness in full without penalty within sixty (60) days after demand therefor by Huntington.Lender. Upon default in payment of any of the following described items, or upon the occurrence of any other event of default under this Instrument or under the Note, Lender shall have the right, at its option, and if Lender does not elect to accelerate the indebtedness secured hereby and to pursue its other remedies, to require Borrower to pay to Lender on the day monthly installments of principal or interest are payable under the Note (or on another day designated in writing by Lender), until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of (a) the yearly water and sewer rates and taxes and assessments which may be levied on the Property; (b) the yearly ground rents, if any; (c) the yearly premium installments for fire and other hazard insurance, rent loss insurance and such other insurance