To Pay Impositions. 2.4.1 The Grantor will pay or cause to be paid, as and when due and payable, all Impositions levied upon the Mortgaged Premises or any part thereof. Notwithstanding the foregoing, if any Imposition may at the option of the payer be paid in installments (whether or not interest shall accrue on the unpaid balance thereof), the Grantor shall have the right, provided that no Event of Default shall have occurred and be continuing, to exercise such option and to cause to be paid or to pay the same (and any accrued interest on the unpaid balance of such Imposition) in installments prior to the imposition of any fine, penalty or cost. The Grantor will not claim any deduction from the Obligations nor shall any deduction be made from the Obligations secured hereby by reason of the payment of taxes assessed against the Mortgaged Premises. 2.4.2 Upon the occurrence and during the continuance of an Event of Default upon demand of the Beneficiary, the Grantor shall deposit with the Beneficiary a sum which bears the same relation to the insurance premiums for all insurance required by the terms hereof in respect of the Mortgaged Premises and/or real estate taxes and assessments assessed against the Mortgaged Premises for the insurance period or tax year then in effect, as the case may be, as the number of months elapsed as of the date of such demand since the last preceding installment of said premiums or taxes or assessments shall have become due and payable bears to 12. For the purpose of this computation, the month in which such last preceding installment of premiums or real estate taxes or assessments became due and payable and the month in which such demand is given shall be included and deemed to have elapsed. On the first day of the month next succeeding the month in which such demand is given, and thereafter on the first day of each and every month during the term of this Deed of Trust, at Beneficiary's option after the occurrence and during the continuance of an Event of Default, the Grantor shall deposit with the Beneficiary a sum equal to one- twelfth of such insurance premiums and/or such taxes and assessments for the then-current insurance period and tax year, so that as each installment of such premiums and taxes and assessments shall become due and payable, the Grantor shall have deposited with the Beneficiary a sum sufficient to pay the same. All such deposits shall be received and held by the Beneficiary in good faith, and shall be applied to the payment of each installment of such premiums and taxes and assessments as the same shall become due and payable. The Beneficiary shall promptly furnish evidence of the making of each such payment to the Grantor. If the amount of such premiums and taxes and assessments has not been definitely ascertained at the time when any such monthly deposits are herein required to be made, the Grantor shall make such deposits based upon the amount of such premiums and taxes and assessments for the preceding year, subject to adjustment as and when the amount of such premiums and taxes and assessments is ascertained. If at any time when any installment of such premiums and such taxes and assessments becomes due and payable the Grantor shall not have deposited a sum sufficient to pay the same, the Grantor shall, within fifteen (15) days after demand, deposit any deficiency with the Beneficiary and if the Grantor shall have deposited a sum at least sufficient to pay such installment, such excess shall be applied toward the deposits next required to be made hereunder. After the Termination Date (as hereinafter defined), any amount on deposit with the Beneficiary shall be promptly repaid to the Grantor. Upon request of the Beneficiary, the Grantor shall deliver to the Beneficiary all insurance and tax bills promptly upon receipt during any period when such monthly deposits are made with the depository. 2.4.3 The Grantor will pay the whole of any tax imposed directly or indirectly on this Deed of Trust in lieu of a tax on the Mortgaged Premises or any part thereof, whether by reason of (a) the passage after the date of this Deed of Trust of any law of the State deducting from the value of real property for the purposes of taxation any lien thereon; (b) any change in the laws for the taxation of mortgages, deeds of trust or debts secured by mortgages or deeds of trust for state or local purposes; or (c) a change in the means of collection of any such tax or otherwise, unless such payment would result in the imposition of interest beyond the maximum amount permitted by law. Within a reasonable time after payment of any Imposition, tax or governmental charge, the Grantor will, upon request of the Beneficiary, deliver to the Beneficiary reasonably satisfactory proof of payment thereof, subject, however, to the right of the Grantor to contest Impositions as set forth in Section 2.4.4 below. 2.4.4 The Grantor shall have the right to contest the amount or validity, in whole or in part, of any Imposition, or to seek a reduction in the valuation of the Mortgaged Premises or any part thereof, as assessed for real estate or personal property tax purposes by appropriate proceedings diligently conducted in good faith, and upon request by the Grantor, the Beneficiary shall postpone or defer payment of such Imposition if: (a) neither the Mortgaged Premises nor any part thereof would by reason of such postponement or deferment be in imminent danger of being forfeited or lost; (b) neither the Trustee nor the Beneficiary shall be in danger of being subjected to civil or criminal liability or penalty by reason of such postponement or deferment; (c) the Grantor, at the Grantor's option, shall either have deposited with the Beneficiary the amount so contested and unpaid (unless the amount being contested was previously paid under protest), together with all interest and penalties in connection therewith and all charges that may or might be assessed against or become a charge on the Mortgaged Premises, or any part thereof, in such proceeding or in lieu thereof, or the Grantor shall have posted with the Beneficiary a bond by a surety company licensed to do business in the State selected by Grantor and reasonably acceptable to Beneficiary, whereby such surety undertakes to pay such Imposition, interest, penalties and charges in the event that the Grantor shall fail to pay the same upon the final disposition of the contest (including appeals) or in the event that the Mortgaged Premises or any part thereof is in imminent danger of being forfeited or lost during the pendency of such contest or if the Grantor fails to increase the amount of such bond as hereinafter provided. The initial deposit or bond shall be in an amount equal to 100% of the amount so contested and unpaid. In determining the amount of such deposit or bond, the Grantor shall be credited with any amounts theretofore deposited with the Beneficiary in respect of the Imposition being contested. Any deposit made by the Grantor under the provisions of this subsection 2.4.4(c), together with any additions thereto made pursuant to this Section 2.4 earned thereon, shall be held in trust in an interest bearing account and disposed of as hereinafter provided. Upon the termination of any such proceeding (including appeals), or, if the Grantor should so elect, at any time prior thereto, the Grantor shall pay the amount of such Imposition or part thereof as finally determined in such proceeding (or appeal), the payment of which may have been deferred during the prosecution of such proceeding (or appeal), together with any costs, fees, interest, penalties or other liabilities in connection therewith. Upon such payment the Beneficiary shall return any amount deposited with it together with all interest earned thereon (and not previously applied by it as hereinafter provided) with respect to such Imposition. Such payment, at the request of the Grantor, shall be made by the Beneficiary out of the amount deposited with it with respect to such Imposition, to the extent that such amount is sufficient therefor, and any balance due shall be paid by the Grantor. If, at any time during the continuance of such proceeding, the Beneficiary shall reasonably and in good xxxxx xxxx the amount deposited with it or provided by bond insufficient, the Grantor shall, within 15 days of demand, make an additional deposit of, or increase the amount of its bond by, such additional amount as the Beneficiary may reasonably request to cover payment of the items set forth in this subsection 2.4.4(c). If at any time during the continuance of such proceeding the Mortgaged Premises or any part thereof is, in the reasonable judgment of the Beneficiary, in substantial danger of being forfeited or lost, the Beneficiary may, upon prior written notice to Grantor, apply the amount theretofore deposited with it to the payment of such Imposition (or the Beneficiary may require application of the bonded amount by the surety company, if a bond has been furnished) in the manner provided in the preceding sentence. Notwithstanding anything contained herein to the contrary, no such deposit held by the Beneficiary, or any part thereof, shall be returned to the Grantor so long as any Event of Default shall occur and be continuing; and (d) such postponement shall not affect the Gran tor's obligation to make required deposits pursuant to subsection 2.4.2 or the Beneficiary's right to require the same if such escrows are not then being maintained. 2.4.5 The certificate or xxxx of the appropriate official designated by law to make or issue the same or to receive payment of any imposition indicating the nonpayment of such Imposition shall be prima facie evidence of the amount of the Imposition payable.
Appears in 2 contracts
Samples: Deed of Trust (Coinmach Corp), Deed of Trust (Coinmach Laundry Corp)
To Pay Impositions. 2.4.1 2.4.1. The Grantor Mortgagor will pay or cause to be paid, as and when due and payable, all Impositions levied upon the Mortgaged Premises or any part thereof, together with all filing, registration or recording fees and all expenses incident to the execution and acknowledgement of this Mortgage, any mortgage supplemental hereto, and will pay all federal, state, county and municipal stamp taxes and other taxes, duties, imposts, assessments and charges arising out of or in connection with the execution and delivery of the Note, this Mortgage, any mortgage supplemental hereto, or any instrument of further assurance, except Oklahoma mortgage taxes which shall be paid by the Mortgagee. Notwithstanding the foregoingHowever, if by law, any Imposition may at the option of the payer taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance thereof), the Grantor Mortgagor shall have the right, provided that no Event of Default shall have occurred and be continuing, right to exercise such option and to pay such Imposition, or cause it to be paid or to pay the same (and together FRK11625.A05 285741572 01/09/97 KDF: with any accrued interest on the unpaid balance of such Impositionbalance) in installments prior to the imposition of as they fall due and before any fine, penalty penalty, further interest or cost. The Grantor will not claim any deduction from the Obligations nor shall any deduction cost may be made from the Obligations secured hereby by reason of the payment of taxes assessed against the Mortgaged Premisesadded thereto.
2.4.2 Upon the occurrence and during the continuance of 2.4.2. If an Event of Default shall occur and be continuing, then upon demand of the BeneficiaryMortgagee, the Grantor Mortgagor shall deposit with the Beneficiary Mortgagee a sum which bears the same relation to the annual insurance premiums for all insurance required by the terms hereof in respect of the Mortgaged Premises and/or and real estate taxes and assessments assessed against the Mortgaged Premises for the insurance period or tax year then in effect, as the case may be, as the number of months elapsed as of the date of such demand since the last preceding installment of said premiums or taxes or assessments shall have become due and payable bears to twelve (12). For the purpose of this computation, the month in which such last preceding installment of premiums or real estate taxes or assessments became due and payable and the month in which such demand is given shall be included and deemed to have elapsed. On the first day of the month next succeeding the month in which such demand is given, and thereafter on the first day of each and every month during the term of this Deed of Trust, at Beneficiary's option after the occurrence and during the continuance of an Event of DefaultMortgage, the Grantor Mortgagor shall deposit with the Beneficiary Mortgagee a sum equal to one- one-twelfth of such insurance premiums and/or and such taxes and assessments for the then-current insurance period and tax year, so that as each installment of such premiums and taxes and assessments shall become due and payable, the Grantor Mortgagor shall have deposited with the Beneficiary Mortgagee a sum sufficient to pay the same. All such deposits shall be received and held as part of such deposit by the Beneficiary Mortgagee (all such deposits to be held in good faith, an account without interest thereon) and shall be applied to the payment of each installment of such premiums and taxes and assessments as the same they shall become due and payable. The Beneficiary shall promptly Mortgagee shall, upon demand, furnish evidence to the Mortgagor of the making of each such payment to the Grantorpayment. If the amount of such premiums and taxes and assessments has not been definitely ascertained at the time when any such monthly deposits are herein required to be made, the Grantor Mortgagor shall make such deposits based upon the amount of such premiums and taxes and assessments for the preceding year, subject to adjustment as and when the amount of such premiums and taxes and assessments is are ascertained. If at any time when any installment of such premiums and such taxes and assessments becomes due and payable the Grantor Mortgagor shall not have deposited a sum sufficient to pay the same, the Grantor Mortgagor shall, within fifteen five (155) days after demand, deposit any deficiency with the Beneficiary and if Mortgagee. Upon payment in full of the Grantor shall have deposited a sum at least sufficient to pay such installment, such excess shall be applied toward the deposits next required to be made hereunder. After the Termination Date (as hereinafter defined)indebtedness secured by this Mortgage, any remaining amount on deposit with the Beneficiary Mortgagee shall be promptly repaid to the GrantorPerson lawfully entitled thereto. Upon request If an Event FRK11625.A05 285741572 01/09/97 KDF: of Default shall occur and be continuing, the Mortgagee may, at its option, apply all or any portion of the Beneficiaryamounts then on deposit with the Mortgagee pursuant to this SECTION 2.4.2 first to the payment of any premiums, taxes or assessments then due, and any remaining amounts may be applied to the Grantor payment of the indebtedness. The Mortgagor shall deliver to the Beneficiary Mortgagee all insurance and tax bills promptly upon following receipt during any period when such monthly deposits are to be made with the depositoryMortgagee.
2.4.3 2.4.3. The Grantor Mortgagor will pay all taxes and other governmental charges (including, without limitation, stamp taxes), except income or franchise taxes or similar taxes (other than Oklahoma mortgage tax), based upon or measured by income, assessed by the United States government or any state or local governmental authority and imposed on the Mortgagee, its successors by reason of the ownership of this Mortgage or the Note or the receipt of the interest or other sums payable thereunder or payable by either the Mortgagor or the Mortgagee upon any increase in the indebtedness secured hereby, or any modification, amendment, extension or consolidation of this Mortgage. Without limiting the foregoing and subject to the limitations set forth above, the Mortgagor will also pay the whole of any tax imposed imposed, directly or indirectly indirectly, on this Deed Mortgage or the Note or the receipt of Trust any portion of the Indebtedness in lieu of a tax on the Mortgaged Premises or any part thereofthe Improvements and Building Service Equipment, whether by reason of (a) the passage after the date of this Deed of Trust Mortgage of any law of the State deducting from the value of real property for the purposes of taxation any lien thereon; (b) any change in the laws for the taxation of mortgages, deeds of trust Mortgages or debts secured by mortgages or deeds of trust Mortgages for state or local purposes; or (c) a change in the means of collection of any such tax or otherwise; or (d) any tax, unless whether or not now existing, assessed against, or withheld from, interest or other payments made by the Mortgagor or assessed against this Mortgage and which are assessed or levied by the government of any foreign nation or political subdivision thereof, provided such payment would tax liability shall not result in from the imposition ownership of interest beyond this Mortgage by a Person not a citizen of, or an entity not formed under the maximum amount permitted by lawlaws of, the United States or any state. Within a reasonable time after payment of any Imposition, such tax or governmental charge, the Grantor will, upon request of the Beneficiary, Mortgagor will deliver to the Beneficiary reasonably Mortgagee satisfactory proof of payment thereof, subject, however, to the right of the Grantor Mortgagor to contest Impositions as hereinafter set forth forth. If the Mortgagor shall fail to pay such tax or charge within fifteen (15) days after written notice, or if under applicable law the Mortgagor's payment or agreement to pay FRK11625.A05 285741572 01/09/97 KDF: the same shall be unenforceable, the Mortgagee shall have the right to declare the entire unpaid indebtedness and all accrued and unpaid interest thereon due and payable on a date specified by the Mortgagee, but, in Section 2.4.4 belowany event, not less than thirty (30) days after written notice to the Mortgagor.
2.4.4 2.4.4. The Grantor Mortgagor shall have the right to contest the amount or validity, in whole or in part, of any Imposition, or to seek a reduction in the valuation of the Mortgaged Premises Premises, or any part thereof, as assessed for real estate or personal property tax purposes by appropriate proceedings diligently conducted in good faith, but only after payment of such Imposition, unless such payment would operate as a bar to such contest or materially adversely interfere with the prosecution thereof, in which event the Mortgagor may postpone or defer payment of such Imposition (but not the payment of any monthly deposits pursuant to SECTION 2.4.2 hereof); and upon request by the GrantorMortgagor, the Beneficiary Mortgagee shall postpone or defer payment of such Imposition if:
(a) neither Imposition; provided, however, that if at any time the Mortgaged Premises nor Premises, the Building Service Equipment, the Furnishings, or any part thereof would would, in the Mortgagee's reasonable judgment, by reason of such postponement or deferment be in imminent danger of being forfeited or lost;
(b) neither , or if the Trustee nor the Beneficiary shall Mortgagee might be in danger of being subjected to any civil or criminal liability or penalty by reason of such postponement or deferment;
(c) other sanction, then the GrantorMortgagor, at the Grantor's optionon demand, shall either have deposited with the Beneficiary immediately pay or cause to be paid the amount so contested and unpaid (unless the amount being contested was previously paid under protest)unpaid, together with all interest and penalties in connection therewith and all charges that may or might be assessed against or become a charge on the Mortgaged Premises, or any part thereof, in such proceeding or in lieu thereof, or the Grantor shall have posted with the Beneficiary a bond by a surety company licensed to do business in the State selected by Grantor and reasonably acceptable to Beneficiary, whereby such surety undertakes to pay such Imposition, interest, penalties and charges in the event that the Grantor shall fail to pay the same upon the final disposition of the contest (including appeals) or in the event that the Mortgaged Premises or any part thereof is in imminent danger of being forfeited or lost during the pendency of such contest or if the Grantor fails to increase the amount of such bond as hereinafter providedtherewith.
2.4.5. The initial deposit or bond shall be in an amount equal to 100% of the amount so contested and unpaid. In determining the amount of such deposit or bondcertificate, the Grantor shall be credited with any amounts theretofore deposited with the Beneficiary in respect of the Imposition being contested. Any deposit made by the Grantor under the provisions of this subsection 2.4.4(c), together with any additions thereto made pursuant to this Section 2.4 earned thereon, shall be held in trust in an interest bearing account and disposed of as hereinafter provided. Upon the termination of any such proceeding (including appeals), or, if the Grantor should so elect, at any time prior thereto, the Grantor shall pay the amount of such Imposition or part thereof as finally determined in such proceeding (or appeal), the payment of which may have been deferred during the prosecution of such proceeding (or appeal), together with any costs, fees, interest, penalties or other liabilities in connection therewith. Upon such payment the Beneficiary shall return any amount deposited with it together with all interest earned thereon (and not previously applied by it as hereinafter provided) with respect to such Imposition. Such payment, at the request of the Grantor, shall be made by the Beneficiary out of the amount deposited with it with respect to such Imposition, to the extent that such amount is sufficient therefor, and any balance due shall be paid by the Grantor. If, at any time during the continuance of such proceeding, the Beneficiary shall reasonably and in good xxxxx xxxx the amount deposited with it or provided by bond insufficient, the Grantor shall, within 15 days of demand, make an additional deposit of, or increase the amount of its bond by, such additional amount as the Beneficiary may reasonably request to cover payment of the items set forth in this subsection 2.4.4(c). If at any time during the continuance of such proceeding the Mortgaged Premises or any part thereof is, in the reasonable judgment of the Beneficiary, in substantial danger of being forfeited or lost, the Beneficiary may, upon prior written notice to Grantor, apply the amount theretofore deposited with it to the payment of such Imposition (or the Beneficiary may require application of the bonded amount by the surety company, if a bond has been furnished) in the manner provided in the preceding sentence. Notwithstanding anything contained herein to the contrary, no such deposit held by the Beneficiary, or any part thereof, shall be returned to the Grantor so long as any Event of Default shall occur and be continuing; and
(d) such postponement shall not affect the Gran tor's obligation to make required deposits pursuant to subsection 2.4.2 or the Beneficiary's right to require the same if such escrows are not then being maintained.
2.4.5 The certificate advice or xxxx of the appropriate official designated by law to make or issue the same or to receive payment of any imposition Imposition indicating the nonpayment of such Imposition shall be prima facie evidence that such Imposition is due and payable but unpaid at the time of the amount of the Imposition payablemaking or issuance thereof.
Appears in 1 contract
To Pay Impositions. 2.4.1 2.4.1. The Grantor Mortgagor will pay or cause to be paid, as and when due and payable, all Impositions levied upon the Mortgaged Premises or any part thereof. Notwithstanding the foregoingHowever, if by law, any Imposition may at the option of the payer taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance thereof), the Grantor Mortgagor shall have the right, provided that no Event of Default shall have occurred and be continuing, right to exercise such option and to pay such Imposition, or cause it to be paid or to pay the same (and together with any accrued interest on the unpaid balance of such Impositionbalance) in installments prior to the imposition of as they fall due and before any fine, penalty penalty, further interest or costcost may be added thereto.
2.4.2. The Grantor will not claim any deduction from the Obligations nor shall any deduction be made from the Obligations secured hereby by reason Upon demand of the payment Mortgagee in the case of taxes assessed against the Mortgaged Premises.
2.4.2 Upon the occurrence and during the continuance of Impositions and, if an Event of Default shall exists, upon demand of the BeneficiaryMortgagee in the case of insurance premiums, the Grantor Mortgagor shall deposit with the Beneficiary Mortgagee a sum which bears the same relation to the annual insurance premiums for all insurance required by the terms hereof in respect of the Mortgaged Premises and/or and real estate taxes and assessments assessed against the Mortgaged Premises for the insurance period or tax year then in effect, as the case may be, as the number of months elapsed as of the date of such demand since the last preceding installment of said premiums or taxes or assessments shall have become due and payable bears to twelve (12). For the purpose of this computation, the month in which such last preceding installment of premiums or real estate taxes or assessments became due and payable and the month in which such demand is given shall be included and deemed to have elapsed. On the first day of the month next succeeding the month in which such demand is given, and thereafter on the first day of each and every month during the term of this Deed of Trust, at Beneficiary's option after the occurrence and during the continuance of an Event of DefaultMortgage, the Grantor Mortgagor shall deposit with the Beneficiary Mortgagee a sum equal to one- one-twelfth of such insurance premiums and/or and such taxes and assessments for the then-current insurance period and tax year, so that as each installment of such premiums and taxes and assessments shall become due and payable, the Grantor Mortgagor shall have deposited with the Beneficiary Mortgagee a sum sufficient to pay the same. All such deposits shall be received and held as part of such deposit by the Beneficiary Mortgagee (all such deposits to be held in good faith, an account without interest thereon) and shall be applied to the payment of each installment of such premiums and taxes and assessments as the same they shall become due and payable. The Beneficiary shall promptly Mortgagee shall, upon demand, furnish evidence to the Mortgagor of the making of each such payment to the Grantorpayment. If the amount of such premiums and taxes and assessments has not been definitely ascertained at the time when any such monthly deposits are herein required to be made, the Grantor Mortgagor shall make such deposits based upon the amount of such premiums and taxes and assessments for the preceding year, subject to adjustment as and when the amount of such premiums and taxes and assessments is are ascertained. If at any time when any installment of such premiums and such taxes and assessments becomes due and payable the Grantor Mortgagor shall not have deposited a sum sufficient to pay the same, the Grantor Mortgagor shall, within fifteen five (155) days after demand, deposit any deficiency with the Beneficiary and if Mortgagee. Upon payment in full of the Grantor shall have deposited a sum at least sufficient to pay such installment, such excess shall be applied toward the deposits next required to be made hereunder. After the Termination Date (as hereinafter defined)Obligations, any remaining amount on deposit with the Beneficiary Mortgagee shall be promptly repaid to the Grantor. Upon request of the Beneficiary, the Grantor shall deliver to the Beneficiary all insurance and tax bills promptly upon receipt during any period when such monthly deposits are made with the depository.
2.4.3 The Grantor will pay the whole of any tax imposed directly Mortgagor or indirectly on this Deed of Trust in lieu of a tax on the Mortgaged Premises or any part thereof, whether by reason of (a) the passage after the date of this Deed of Trust of any law of the State deducting from the value of real property for the purposes of taxation any lien thereon; (b) any change in the laws for the taxation of mortgages, deeds of trust or debts secured by mortgages or deeds of trust for state or local purposes; or (c) a change in the means of collection of any such tax or otherwise, unless such payment would result in the imposition of interest beyond the maximum amount permitted by law. Within a reasonable time after payment of any Imposition, tax or governmental charge, the Grantor will, upon request of the Beneficiary, deliver to the Beneficiary reasonably satisfactory proof of payment thereof, subject, however, to the right of the Grantor to contest Impositions as set forth in Section 2.4.4 below.
2.4.4 The Grantor shall have the right to contest the amount or validity, in whole or in part, of any Imposition, or to seek a reduction in the valuation of the Mortgaged Premises or any part thereof, as assessed for real estate or personal property tax purposes by appropriate proceedings diligently conducted in good faith, and upon request by the Grantor, the Beneficiary shall postpone or defer payment of such Imposition if:
(a) neither the Mortgaged Premises nor any part thereof would by reason of such postponement or deferment be in imminent danger of being forfeited or lost;
(b) neither the Trustee nor the Beneficiary shall be in danger of being subjected to civil or criminal liability or penalty by reason of such postponement or deferment;
(c) the Grantor, at the Grantor's option, shall either have deposited with the Beneficiary the amount so contested and unpaid (unless the amount being contested was previously paid under protest), together with all interest and penalties in connection therewith and all charges that may or might be assessed against or become a charge on the Mortgaged Premises, or any part thereof, in such proceeding or in lieu thereof, or the Grantor shall have posted with the Beneficiary a bond by a surety company licensed to do business in the State selected by Grantor and reasonably acceptable to Beneficiary, whereby such surety undertakes to pay such Imposition, interest, penalties and charges in the event that the Grantor shall fail to pay the same upon the final disposition of the contest (including appeals) or in the event that the Mortgaged Premises or any part thereof is in imminent danger of being forfeited or lost during the pendency of such contest or if the Grantor fails to increase the amount of such bond as hereinafter provided. The initial deposit or bond shall be in an amount equal to 100% of the amount so contested and unpaid. In determining the amount of such deposit or bond, the Grantor shall be credited with any amounts theretofore deposited with the Beneficiary in respect of the Imposition being contested. Any deposit made by the Grantor under the provisions of this subsection 2.4.4(c), together with any additions thereto made pursuant to this Section 2.4 earned thereon, shall be held in trust in an interest bearing account and disposed of as hereinafter provided. Upon the termination of any such proceeding (including appeals), or, if the Grantor should so elect, at any time prior Person lawfully entitled thereto, the Grantor shall pay the amount of such Imposition or part thereof as finally determined in such proceeding (or appeal), the payment of which may have been deferred during the prosecution of such proceeding (or appeal), together with any costs, fees, interest, penalties or other liabilities in connection therewith. Upon such payment the Beneficiary shall return any amount deposited with it together with all interest earned thereon (and not previously applied by it as hereinafter provided) with respect to such Imposition. Such payment, at the request of the Grantor, shall be made by the Beneficiary out of the amount deposited with it with respect to such Imposition, to the extent that such amount is sufficient therefor, and any balance due shall be paid by the Grantor. If, at any time during the continuance of such proceeding, the Beneficiary shall reasonably and in good xxxxx xxxx the amount deposited with it or provided by bond insufficient, the Grantor shall, within 15 days of demand, make an additional deposit of, or increase the amount of its bond by, such additional amount as the Beneficiary may reasonably request to cover payment of the items set forth in this subsection 2.4.4(c). If at any time during the continuance of such proceeding the Mortgaged Premises or any part thereof is, in the reasonable judgment of the Beneficiary, in substantial danger of being forfeited or lost, the Beneficiary may, upon prior written notice to Grantor, apply the amount theretofore deposited with it to the payment of such Imposition (or the Beneficiary may require application of the bonded amount by the surety company, if a bond has been furnished) in the manner provided in the preceding sentence. Notwithstanding anything contained herein to the contrary, no such deposit held by the Beneficiary, or any part thereof, shall be returned to the Grantor so long as any an Event of Default shall occur and be continuing; and
(d) such postponement shall not affect , the Gran tor's obligation to make required deposits Mortgagee may, at its option, apply all or any portion of the amounts then on deposit with the Mortgagee pursuant to subsection 2.4.2 or the Beneficiary's right to require the same if such escrows are not then being maintainedthis SECTION 2.
2.4.5 The certificate or xxxx of the appropriate official designated by law to make or issue the same or to receive payment of any imposition indicating the nonpayment of such Imposition shall be prima facie evidence of the amount of the Imposition payable.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Acadia Realty Trust)
To Pay Impositions. 2.4.1 2.4.1. The Grantor Mortgagor will pay or cause to be paid, as and when due and payable, all Impositions levied upon the Mortgaged Premises or any part thereof, together with all filing, registration or recording fees and all expenses incident to the execution and acknowledgement of this Mortgage, any mortgage supplemental hereto, and will pay all federal, state, county and municipal stamp taxes and other taxes, duties, imposts, assessments and charges arising out of or in connection with the execution and delivery of the Note, this Mortgage, any mortgage supplemental hereto, or any instrument of further assurance. Notwithstanding the foregoingHowever, if by law, any Imposition may at the option of the payer taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance thereof), the Grantor Mortgagor shall have the right, provided that no Event of Default shall have occurred and be continuing, right to exercise such option and to pay such Imposition, or cause it to be paid or to pay the same (and together with any accrued interest on the unpaid balance of such Impositionbalance) in installments prior to the imposition of as they fall due and before any fine, penalty penalty, further interest or cost. The Grantor will not claim any deduction from the Obligations nor shall any deduction cost may be made from the Obligations secured hereby by reason of the payment of taxes assessed against the Mortgaged Premisesadded thereto.
2.4.2 Upon the occurrence and during the continuance of 2.4.2. If an Event of Default shall occur and be continuing, then upon demand of the BeneficiaryMortgagee, the Grantor Mortgagor shall deposit with the Beneficiary Mortgagee a sum which bears the same relation to the annual insurance premiums for all insurance required by the terms hereof in respect of the Mortgaged Premises and/or and real estate taxes and assessments assessed against the Mortgaged Premises for the insurance period or tax year then in effect, as the case may be, as the number of months elapsed as of the date of such demand since the last preceding installment of said premiums or taxes or assessments shall have become due and payable bears to twelve (12). For the purpose of this computation, the month in which such last preceding installment of premiums or real estate taxes or assessments became due and payable and the month in which such demand is given shall be included and deemed to have elapsed. On the first day of the month next succeeding the month in which such demand is given, and thereafter on the first day of each and every month during the term of this Deed of Trust, at Beneficiary's option after the occurrence and during the continuance of an Event of Default, the Grantor shall deposit with the Beneficiary a sum equal to one- twelfth of such insurance premiums and/or such taxes and assessments for the then-current insurance period and tax year, so that as each installment of such premiums and taxes and assessments shall become due and payable, the Grantor shall have deposited with the Beneficiary a sum sufficient to pay the same. All such deposits shall be received and held by the Beneficiary in good faith, and shall be applied to the payment of each installment of such premiums and taxes and assessments as the same shall become due and payable. The Beneficiary shall promptly furnish evidence of the making of each such payment to the Grantor. If the amount of such premiums and taxes and assessments has not been definitely ascertained at the time when any such monthly deposits are herein required to be made, the Grantor shall make such deposits based upon the amount of such premiums and taxes and assessments for the preceding year, subject to adjustment as and when the amount of such premiums and taxes and assessments is ascertained. If at any time when any installment of such premiums and such taxes and assessments becomes due and payable the Grantor shall not have deposited a sum sufficient to pay the same, the Grantor shall, within fifteen (15) days after demand, deposit any deficiency with the Beneficiary and if the Grantor shall have deposited a sum at least sufficient to pay such installment, such excess shall be applied toward the deposits next required to be made hereunder. After the Termination Date (as hereinafter defined), any amount on deposit with the Beneficiary shall be promptly repaid to the Grantor. Upon request of the Beneficiary, the Grantor shall deliver to the Beneficiary all insurance and tax bills promptly upon receipt during any period when such monthly deposits are made with the depository.
2.4.3 The Grantor will pay the whole of any tax imposed directly or indirectly on this Deed of Trust in lieu of a tax on the Mortgaged Premises or any part thereof, whether by reason of (a) the passage after the date of this Deed of Trust of any law of the State deducting from the value of real property for the purposes of taxation any lien thereon; (b) any change in the laws for the taxation of mortgages, deeds of trust or debts secured by mortgages or deeds of trust for state or local purposes; or (c) a change in the means of collection of any such tax or otherwise, unless such payment would result in the imposition of interest beyond the maximum amount permitted by law. Within a reasonable time after payment of any Imposition, tax or governmental charge, the Grantor will, upon request of the Beneficiary, deliver to the Beneficiary reasonably satisfactory proof of payment thereof, subject, however, to the right of the Grantor to contest Impositions as set forth in Section 2.4.4 below.
2.4.4 The Grantor shall have the right to contest the amount or validity, in whole or in part, of any Imposition, or to seek a reduction in the valuation of the Mortgaged Premises or any part thereof, as assessed for real estate or personal property tax purposes by appropriate proceedings diligently conducted in good faith, and upon request by the Grantor, the Beneficiary shall postpone or defer payment of such Imposition ifFRK11497.A15 285741572 12/05/96 KDF:
(a) neither the Mortgaged Premises nor any part thereof would by reason of such postponement or deferment be in imminent danger of being forfeited or lost;
(b) neither the Trustee nor the Beneficiary shall be in danger of being subjected to civil or criminal liability or penalty by reason of such postponement or deferment;
(c) the Grantor, at the Grantor's option, shall either have deposited with the Beneficiary the amount so contested and unpaid (unless the amount being contested was previously paid under protest), together with all interest and penalties in connection therewith and all charges that may or might be assessed against or become a charge on the Mortgaged Premises, or any part thereof, in such proceeding or in lieu thereof, or the Grantor shall have posted with the Beneficiary a bond by a surety company licensed to do business in the State selected by Grantor and reasonably acceptable to Beneficiary, whereby such surety undertakes to pay such Imposition, interest, penalties and charges in the event that the Grantor shall fail to pay the same upon the final disposition of the contest (including appeals) or in the event that the Mortgaged Premises or any part thereof is in imminent danger of being forfeited or lost during the pendency of such contest or if the Grantor fails to increase the amount of such bond as hereinafter provided. The initial deposit or bond shall be in an amount equal to 100% of the amount so contested and unpaid. In determining the amount of such deposit or bond, the Grantor shall be credited with any amounts theretofore deposited with the Beneficiary in respect of the Imposition being contested. Any deposit made by the Grantor under the provisions of this subsection 2.4.4(c), together with any additions thereto made pursuant to this Section 2.4 earned thereon, shall be held in trust in an interest bearing account and disposed of as hereinafter provided. Upon the termination of any such proceeding (including appeals), or, if the Grantor should so elect, at any time prior thereto, the Grantor shall pay the amount of such Imposition or part thereof as finally determined in such proceeding (or appeal), the payment of which may have been deferred during the prosecution of such proceeding (or appeal), together with any costs, fees, interest, penalties or other liabilities in connection therewith. Upon such payment the Beneficiary shall return any amount deposited with it together with all interest earned thereon (and not previously applied by it as hereinafter provided) with respect to such Imposition. Such payment, at the request of the Grantor, shall be made by the Beneficiary out of the amount deposited with it with respect to such Imposition, to the extent that such amount is sufficient therefor, and any balance due shall be paid by the Grantor. If, at any time during the continuance of such proceeding, the Beneficiary shall reasonably and in good xxxxx xxxx the amount deposited with it or provided by bond insufficient, the Grantor shall, within 15 days of demand, make an additional deposit of, or increase the amount of its bond by, such additional amount as the Beneficiary may reasonably request to cover payment of the items set forth in this subsection 2.4.4(c). If at any time during the continuance of such proceeding the Mortgaged Premises or any part thereof is, in the reasonable judgment of the Beneficiary, in substantial danger of being forfeited or lost, the Beneficiary may, upon prior written notice to Grantor, apply the amount theretofore deposited with it to the payment of such Imposition (or the Beneficiary may require application of the bonded amount by the surety company, if a bond has been furnished) in the manner provided in the preceding sentence. Notwithstanding anything contained herein to the contrary, no such deposit held by the Beneficiary, or any part thereof, shall be returned to the Grantor so long as any Event of Default shall occur and be continuing; and
(d) such postponement shall not affect the Gran tor's obligation to make required deposits pursuant to subsection 2.4.2 or the Beneficiary's right to require the same if such escrows are not then being maintained.
2.4.5 The certificate or xxxx of the appropriate official designated by law to make or issue the same or to receive payment of any imposition indicating the nonpayment of such Imposition shall be prima facie evidence of the amount of the Imposition payable.ac1
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents and Security Agreement (Corporate Realty Income Fund I L P)
To Pay Impositions. 2.4.1 2.4.1. The Grantor Mortgagor will pay or cause to be paid, as and when due and payable, all Impositions levied upon the Mortgaged Premises or any part thereof. Notwithstanding the foregoingHowever, if by law, any Imposition may at the option of the payer taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance thereof), the Grantor Mortgagor shall have the right, provided that no Event of Default shall have occurred and be continuing, right to exercise such option and to pay such Imposition, or cause it to be paid or to pay the same (and together with any accrued interest on the unpaid balance of such Impositionbalance) in installments prior to the imposition of as they fall due and before any fine, penalty penalty, further interest or costcost may be added thereto.
2.4.2. The Grantor will not claim any deduction from the Obligations nor shall any deduction be made from the Obligations secured hereby by reason Upon demand of the payment Mortgagee in the case of taxes assessed against the Mortgaged Premises.
2.4.2 Upon the occurrence and during the continuance of Impositions and, if an Event of Default shall exists, upon demand of the BeneficiaryMortgagee in the case of insurance premiums, the Grantor Mortgagor shall deposit with the Beneficiary Mortgagee a sum which bears the same relation to the annual insurance premiums for all insurance required by the terms hereof in respect of the Mortgaged Premises and/or and real estate taxes and assessments assessed against the Mortgaged Premises for the insurance period or tax year then in effect, as the case may be, as the number of months elapsed as of the date of such demand since the last preceding installment of said premiums or taxes or assessments shall have become due and payable bears to twelve (12). For the purpose of this computation, the month in which such last preceding installment of premiums or real estate taxes or assessments became due and payable and the month in which such demand is given shall be included and deemed to have elapsed. On the first day of the month next succeeding the month in which such demand is given, and thereafter on the first day of each and every month during the term of this Deed of Trust, at Beneficiary's option after the occurrence and during the continuance of an Event of DefaultMortgage, the Grantor Mortgagor shall deposit with the Beneficiary Mortgagee a sum equal to one- one-twelfth of such insurance premiums and/or and such taxes and assessments for the then-current insurance period and tax year, so that as each installment of such premiums and taxes and assessments shall become due and payable, the Grantor Mortgagor shall have deposited with the Beneficiary Mortgagee a sum sufficient to pay the same. All such deposits shall be received and held by the Beneficiary in good faith, and shall be applied to the payment of each installment of such premiums and taxes and assessments as the same shall become due and payable. The Beneficiary shall promptly furnish evidence of the making of each such payment to the Grantor. If the amount of such premiums and taxes and assessments has not been definitely ascertained at the time when any such monthly deposits are herein required to be made, the Grantor shall make such deposits based upon the amount of such premiums and taxes and assessments for the preceding year, subject to adjustment as and when the amount of such premiums and taxes and assessments is ascertained. If at any time when any installment of such premiums and such taxes and assessments becomes due and payable the Grantor shall not have deposited a sum sufficient to pay the same, the Grantor shall, within fifteen (15) days after demand, deposit any deficiency with the Beneficiary and if the Grantor shall have deposited a sum at least sufficient to pay such installment, such excess shall be applied toward the deposits next required to be made hereunder. After the Termination Date (as hereinafter defined), any amount on deposit with the Beneficiary shall be promptly repaid to the Grantor. Upon request of the Beneficiary, the Grantor shall deliver to the Beneficiary all insurance and tax bills promptly upon receipt during any period when such monthly deposits are made with the depository.
2.4.3 The Grantor will pay the whole of any tax imposed directly or indirectly on this Deed of Trust in lieu of a tax on the Mortgaged Premises or any part thereof, whether by reason of (a) the passage after the date of this Deed of Trust of any law of the State deducting from the value of real property for the purposes of taxation any lien thereon; (b) any change in the laws for the taxation of mortgages, deeds of trust or debts secured by mortgages or deeds of trust for state or local purposes; or (c) a change in the means of collection of any such tax or otherwise, unless such payment would result in the imposition of interest beyond the maximum amount permitted by law. Within a reasonable time after payment of any Imposition, tax or governmental charge, the Grantor will, upon request of the Beneficiary, deliver to the Beneficiary reasonably satisfactory proof of payment thereof, subject, however, to the right of the Grantor to contest Impositions as set forth in Section 2.4.4 below.
2.4.4 The Grantor shall have the right to contest the amount or validity, in whole or in part, of any Imposition, or to seek a reduction in the valuation of the Mortgaged Premises or any part thereof, as assessed for real estate or personal property tax purposes by appropriate proceedings diligently conducted in good faith, and upon request by the Grantor, the Beneficiary shall postpone or defer payment of such Imposition if:
(a) neither the Mortgaged Premises nor any part thereof would by reason of such postponement or deferment be in imminent danger of being forfeited or lost;
(b) neither the Trustee nor the Beneficiary shall be in danger of being subjected to civil or criminal liability or penalty by reason of such postponement or deferment;
(c) the Grantor, at the Grantor's option, shall either have deposited with the Beneficiary the amount so contested and unpaid (unless the amount being contested was previously paid under protest), together with all interest and penalties in connection therewith and all charges that may or might be assessed against or become a charge on the Mortgaged Premises, or any part thereof, in such proceeding or in lieu thereof, or the Grantor shall have posted with the Beneficiary a bond by a surety company licensed to do business in the State selected by Grantor and reasonably acceptable to Beneficiary, whereby such surety undertakes to pay such Imposition, interest, penalties and charges in the event that the Grantor shall fail to pay the same upon the final disposition of the contest (including appeals) or in the event that the Mortgaged Premises or any part thereof is in imminent danger of being forfeited or lost during the pendency of such contest or if the Grantor fails to increase the amount of such bond as hereinafter provided. The initial deposit or bond shall be in an amount equal to 100% of the amount so contested and unpaid. In determining the amount of such deposit or bond, the Grantor shall be credited with any amounts theretofore deposited with the Beneficiary in respect of the Imposition being contested. Any deposit made by the Grantor under the provisions of this subsection 2.4.4(c), together with any additions thereto made pursuant to this Section 2.4 earned thereon, shall be held in trust in an interest bearing account and disposed of as hereinafter provided. Upon the termination of any such proceeding (including appeals), or, if the Grantor should so elect, at any time prior thereto, the Grantor shall pay the amount of such Imposition or part thereof as finally determined in such proceeding (or appeal), the payment of which may have been deferred during the prosecution of such proceeding (or appeal), together with any costs, fees, interest, penalties or other liabilities in connection therewith. Upon such payment the Beneficiary shall return any amount deposited with it together with all interest earned thereon (and not previously applied by it as hereinafter provided) with respect to such Imposition. Such payment, at the request of the Grantor, shall be made by the Beneficiary out of the amount deposited with it with respect to such Imposition, to the extent that such amount is sufficient therefor, and any balance due shall be paid by the Grantor. If, at any time during the continuance of such proceeding, the Beneficiary shall reasonably and in good xxxxx xxxx the amount deposited with it or provided by bond insufficient, the Grantor shall, within 15 days of demand, make an additional deposit of, or increase the amount of its bond by, such additional amount as the Beneficiary may reasonably request to cover payment of the items set forth in this subsection 2.4.4(c). If at any time during the continuance of such proceeding the Mortgaged Premises or any part thereof is, in the reasonable judgment of the Beneficiary, in substantial danger of being forfeited or lost, the Beneficiary may, upon prior written notice to Grantor, apply the amount theretofore deposited with it to the payment of such Imposition (or the Beneficiary may require application of the bonded amount by the surety company, if a bond has been furnished) in the manner provided in the preceding sentence. Notwithstanding anything contained herein to the contrary, no such deposit held by the Beneficiary, or any part thereof, shall be returned to the Grantor so long as any Event of Default shall occur and be continuing; and
(d) such postponement shall not affect the Gran tor's obligation to make required deposits pursuant to subsection 2.4.2 or the Beneficiary's right to require the same if such escrows are not then being maintained.
2.4.5 The certificate or xxxx of the appropriate official designated by law to make or issue the same or to receive payment of any imposition indicating the nonpayment of such Imposition shall be prima facie evidence of the amount of the Imposition payable.the
Appears in 1 contract
Samples: Mortgage and Security Agreement (Acadia Realty Trust)
To Pay Impositions. 2.4.1 2.4.1. The Grantor Trustor will pay or cause to be paid, as and when due and payable, all Impositions levied upon the Mortgaged Premises or any part thereof. Notwithstanding the foregoingHowever, if by law, any Imposition may at the option of the payer taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance thereof), the Grantor Trustor shall have the right, provided that no Event of Default shall have occurred and be continuing, right to exercise such option and to pay such Imposition, or cause it to be paid or to pay the same (and together with any accrued interest on the unpaid balance of such Impositionbalance) in installments prior to the imposition of as they fall due and before any fine, penalty penalty, further interest or cost. The Grantor will not claim any deduction from the Obligations nor shall any deduction cost may be made from the Obligations secured hereby by reason of the payment of taxes assessed against the Mortgaged Premisesadded thereto.
2.4.2 Upon the occurrence and during the continuance of 2.4.2. If an Event of Default shall occur and be continuing, then upon demand of the Beneficiary, the Grantor FRK11623.A05 285741572 01/09/97 KDF: Trustor shall deposit with the Beneficiary a sum which bears the same relation to the annual insurance premiums for all insurance required by the terms hereof in respect of the Mortgaged Premises and/or and real estate taxes and assessments assessed against the Mortgaged Premises for the insurance period or tax year then in effect, as the case may be, as the number of months elapsed as of the date of such demand since the last preceding installment of said premiums or taxes or assessments shall have become due and payable bears to twelve (12). For the purpose of this computation, the month in which such last preceding installment of premiums or real estate taxes or assessments became due and payable and the month in which such demand is given shall be included and deemed to have elapsed. On the first day of the month next succeeding the month in which such demand is given, and thereafter on the first day of each and every month during the term of this Deed of Trust, at Beneficiary's option after the occurrence and during the continuance of an Event of DefaultTrust Deed, the Grantor Trustor shall deposit with the Beneficiary a sum equal to one- one-twelfth of such insurance premiums and/or and such taxes and assessments for the then-current insurance period and tax year, so that as each installment of such premiums and taxes and assessments shall become due and payable, the Grantor Trustor shall have deposited with the Beneficiary a sum sufficient to pay the same. All such deposits shall be received and held as part of such deposit by the Beneficiary (all such deposits to be held in good faith, an account without interest thereon) and shall be applied to the payment of each installment of such premiums and taxes and assessments as the same they shall become due and payable. The Beneficiary shall promptly shall, upon demand, furnish evidence to the Trustor of the making of each such payment to the Grantorpayment. If the amount of such premiums and taxes and assessments has not been definitely ascertained at the time when any such monthly deposits are herein required to be made, the Grantor Trustor shall make such deposits based upon the amount of such premiums and taxes and assessments for the preceding year, subject to adjustment as and when the amount of such premiums and taxes and assessments is are ascertained. If at any time when any installment of such premiums and such taxes and assessments becomes due and payable the Grantor Trustor shall not have deposited a sum sufficient to pay the same, the Grantor Trustor shall, within fifteen five (155) days after demand, deposit any deficiency with the Beneficiary and if Beneficiary. Upon payment in full of the Grantor shall have deposited a sum at least sufficient to pay such installment, such excess shall be applied toward the deposits next required to be made hereunder. After the Termination Date (as hereinafter defined)indebtedness secured by this Trust Deed, any remaining amount on deposit with the Beneficiary shall be promptly repaid to the GrantorPerson lawfully entitled thereto. Upon request If an Event of Default shall occur and be continuing, the Beneficiary may, at its option, apply all or any portion of the Beneficiaryamounts then on deposit with the Beneficiary pursuant to this SECTION 2.4.2 first to the payment of any premiums, taxes or assessments then due, and any remaining amounts may be applied to the Grantor payment of the indebtedness. The Trustor FRK11623.A05 285741572 01/09/97 KDF: shall deliver to the Beneficiary all insurance and tax bills promptly upon following receipt during any period when such monthly deposits are to be made with the depositoryBeneficiary.
2.4.3 2.4.3. The Grantor Trustor will pay all taxes and other governmental charges (including, without limitation, stamp taxes), except income or franchise taxes or similar taxes based upon or measured by income, assessed by the United States government or any state or local governmental authority and imposed on the Beneficiary, its successors by reason of the ownership of this Trust Deed or the Note or the receipt of the interest or other sums payable thereunder or payable by either the Trustor or the Beneficiary upon any increase in the indebtedness secured hereby, or any modification, amendment, extension or consolidation of this Trust Deed. Without limiting the foregoing and subject to the limitations set forth above, the Trustor will also pay the whole of any tax imposed imposed, directly or indirectly indirectly, on this Trust Deed or the Note or the receipt of Trust any portion of the Indebtedness in lieu of a tax on the Mortgaged Premises or any part thereofthe Improvements and Building Service Equipment, whether by reason of (a) the passage after the date of this Trust Deed of Trust of any law of the State deducting from the value of real property for the purposes of taxation any lien thereon; (b) any change in the laws for the taxation of mortgages, deeds of trust Trust Deeds or debts secured by mortgages or trust deeds of trust for state or local purposes; or (c) a change in the means of collection of any such tax or otherwise; or (d) any tax, unless whether or not now existing, assessed against, or withheld from, interest or other payments made by the Trustor or assessed against this Trust Deed and which are assessed or levied by the government of any foreign nation or political subdivision thereof, provided such payment would tax liability shall not result in from the imposition ownership of interest beyond this Trust Deed by a Person not a citizen of, or an entity not formed under the maximum amount permitted by lawlaws of, the United States or any state. Within a reasonable time after payment of any Imposition, such tax or governmental charge, the Grantor will, upon request of the Beneficiary, Trustor will deliver to the Beneficiary reasonably satisfactory proof of payment thereof, subject, however, to the right of the Grantor Trustor to contest Impositions as hereinafter set forth forth. If the Trustor shall fail to pay such tax or charge within fifteen (15) days after written notice, or if under applicable law the Trustor's payment or agreement to pay the same shall be unenforceable, the Beneficiary shall have the right to declare the entire unpaid indebtedness and all accrued and unpaid interest thereon due and payable on a date specified by the Beneficiary, but, in Section 2.4.4 below.any event, not less than thirty (30) days after written notice to the Trustor. FRK11623.A05 285741572 01/09/97 KDF:
2.4.4 2.4.4. The Grantor Trustor shall have the right to contest the amount or validity, in whole or in part, of any Imposition, or to seek a reduction in the valuation of the Mortgaged Premises Premises, or any part thereof, as assessed for real estate or personal property tax purposes by appropriate proceedings diligently conducted in good faith, but only after payment of such Imposition, unless such payment would operate as a bar to such contest or materially adversely interfere with the prosecution thereof, in which event the Trustor may postpone or defer payment of such Imposition (but not the payment of any monthly deposits pursuant to SECTION 2.4.2 hereof); and upon request by the GrantorTrustor, the Beneficiary shall postpone or defer payment of such Imposition if:
(a) neither Imposition; provided, however, that if at any time the Mortgaged Premises nor Premises, the Building Service Equipment, the Furnishings, or any part thereof would would, in the Beneficiary's reasonable judgment, by reason of such postponement or deferment be in imminent danger of being forfeited or lost;
(b) neither the Trustee nor , or if the Beneficiary shall might be in danger of being subjected to any civil or criminal liability or penalty by reason of such postponement or deferment;
(c) other sanction, then the GrantorTrustor, at the Grantor's optionon demand, shall either have deposited with the Beneficiary immediately pay or cause to be paid the amount so contested and unpaid (unless the amount being contested was previously paid under protest)unpaid, together with all interest and penalties in connection therewith and all charges that may or might be assessed against or become a charge on the Mortgaged Premises, or any part thereof, in such proceeding or in lieu thereof, or the Grantor shall have posted with the Beneficiary a bond by a surety company licensed to do business in the State selected by Grantor and reasonably acceptable to Beneficiary, whereby such surety undertakes to pay such Imposition, interest, penalties and charges in the event that the Grantor shall fail to pay the same upon the final disposition of the contest (including appeals) or in the event that the Mortgaged Premises or any part thereof is in imminent danger of being forfeited or lost during the pendency of such contest or if the Grantor fails to increase the amount of such bond as hereinafter providedtherewith.
2.4.5. The initial deposit certificate, advice or bond shall be in an amount equal to 100% of the amount so contested and unpaid. In determining the amount of such deposit or bond, the Grantor shall be credited with any amounts theretofore deposited with the Beneficiary in respect of the Imposition being contested. Any deposit made by the Grantor under the provisions of this subsection 2.4.4(c), together with any additions thereto made pursuant to this Section 2.4 earned thereon, shall be held in trust in an interest bearing account and disposed of as hereinafter provided. Upon the termination of any such proceeding (including appeals), or, if the Grantor should so elect, at any time prior thereto, the Grantor shall pay the amount of such Imposition or part thereof as finally determined in such proceeding (or appeal), the payment of which may have been deferred during the prosecution of such proceeding (or appeal), together with any costs, fees, interest, penalties or other liabilities in connection therewith. Upon such payment the Beneficiary shall return any amount deposited with it together with all interest earned thereon (and not previously applied by it as hereinafter provided) with respect to such Imposition. Such payment, at the request of the Grantor, shall be made by the Beneficiary out of the amount deposited with it with respect to such Imposition, to the extent that such amount is sufficient therefor, and any balance due shall be paid by the Grantor. If, at any time during the continuance of such proceeding, the Beneficiary shall reasonably and in good xxxxx xxxx the amount deposited with it or provided by bond insufficient, the Grantor shall, within 15 days of demand, make an additional deposit of, or increase the amount of its bond by, such additional amount as the Beneficiary may reasonably request to cover payment of the items set forth in this subsection 2.4.4(c). If at any time during the continuance of such proceeding the Mortgaged Premises or any part thereof is, in the reasonable judgment of the Beneficiary, in substantial danger of being forfeited or lost, the Beneficiary may, upon prior written notice to Grantor, apply the amount theretofore deposited with it to the payment of such Imposition (or the Beneficiary may require application of the bonded amount by the surety company, if a bond has been furnished) in the manner provided in the preceding sentence. Notwithstanding anything contained herein to the contrary, no such deposit held by the Beneficiary, or any part thereof, shall be returned to the Grantor so long as any Event of Default shall occur and be continuing; and
(d) such postponement shall not affect the Gran tor's obligation to make required deposits pursuant to subsection 2.4.2 or the Beneficiary's right to require the same if such escrows are not then being maintained.
2.4.5 The certificate or xxxx bill of the appropriate official designated by law to make or issue the same or to receive payment of any imposition Imposition indicating the nonpayment of such Imposition shall be prima facie evidence that such Imposition is due and payable but unpaid at the time of the amount of the Imposition payablemaking or issuance thereof.
Appears in 1 contract
To Pay Impositions. 2.4.1 2.4.1. The Grantor Mortgagor will pay or cause to be paid, as and when due and payable, all Impositions levied upon the Mortgaged Premises or any part thereof, together with all filing, registration or recording fees and all expenses incident to the execution and acknowledgement of this Mortgage, any mortgage supplemental hereto, and will pay all federal, state, county and municipal stamp taxes and other taxes, duties, imposts, assessments and charges arising out of or in connection with the execution and delivery of the Note, this Mortgage, any mortgage supplemental hereto, or any instrument of further assurance. Notwithstanding the foregoingHowever, if by law, any Imposition may at the option of the payer taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance thereof), the Grantor Mortgagor shall have the right, provided that no Event of Default shall have occurred and be continuing, right to exercise such option and to pay such Imposition, or cause it to be paid or to pay the same (and together with any accrued interest on the unpaid balance of such Impositionbalance) in installments prior to the imposition of as FRK11624.A05 285741572 01/09/97 KDF: they fall due and before any fine, penalty penalty, further interest or cost. The Grantor will not claim any deduction from the Obligations nor shall any deduction cost may be made from the Obligations secured hereby by reason of the payment of taxes assessed against the Mortgaged Premisesadded thereto.
2.4.2 Upon the occurrence and during the continuance of 2.4.2. If an Event of Default shall occur and be continuing, then upon demand of the BeneficiaryMortgagee, the Grantor Mortgagor shall deposit with the Beneficiary Mortgagee a sum which bears the same relation to the annual insurance premiums for all insurance required by the terms hereof in respect of the Mortgaged Premises and/or and real estate taxes and assessments assessed against the Mortgaged Premises for the insurance period or tax year then in effect, as the case may be, as the number of months elapsed as of the date of such demand since the last preceding installment of said premiums or taxes or assessments shall have become due and payable bears to twelve (12). For the purpose of this computation, the month in which such last preceding installment of premiums or real estate taxes or assessments became due and payable and the month in which such demand is given shall be included and deemed to have elapsed. On the first day of the month next succeeding the month in which such demand is given, and thereafter on the first day of each and every month during the term of this Deed of Trust, at Beneficiary's option after the occurrence and during the continuance of an Event of DefaultMortgage, the Grantor Mortgagor shall deposit with the Beneficiary Mortgagee a sum equal to one- one-twelfth of such insurance premiums and/or and such taxes and assessments for the then-current insurance period and tax year, so that as each installment of such premiums and taxes and assessments shall become due and payable, the Grantor Mortgagor shall have deposited with the Beneficiary Mortgagee a sum sufficient to pay the same. All such deposits shall be received and held as part of such deposit by the Beneficiary Mortgagee (all such deposits to be held in good faith, an account without interest thereon) and shall be applied to the payment of each installment of such premiums and taxes and assessments as the same they shall become due and payable. The Beneficiary shall promptly Mortgagee shall, upon demand, furnish evidence to the Mortgagor of the making of each such payment to the Grantorpayment. If the amount of such premiums and taxes and assessments has not been definitely ascertained at the time when any such monthly deposits are herein required to be made, the Grantor Mortgagor shall make such deposits based upon the amount of such premiums and taxes and assessments for the preceding year, subject to adjustment as and when the amount of such premiums and taxes and assessments is are ascertained. If at any time when any installment of such premiums and such taxes and assessments becomes due and payable the Grantor Mortgagor shall not have deposited a sum sufficient to pay the same, the Grantor Mortgagor shall, within fifteen five (155) days after demand, deposit any deficiency with the Beneficiary and if Mortgagee. Upon payment in full of the Grantor shall have deposited a sum at least sufficient to pay such installment, such excess shall be applied toward the deposits next required to be made hereunder. After the Termination Date (as hereinafter defined)indebtedness secured by this Mortgage, any remaining amount on deposit with the Beneficiary Mortgagee shall be promptly repaid to the GrantorPerson lawfully entitled thereto. Upon request If an Event of Default shall occur and be continuing, the Mortgagee may, FRK11624.A05 285741572 01/09/97 KDF: at its option, apply all or any portion of the Beneficiaryamounts then on deposit with the Mortgagee pursuant to this SECTION 2.4.2 first to the payment of any premiums, taxes or assessments then due, and any remaining amounts may be applied to the Grantor payment of the indebtedness. The Mortgagor shall deliver to the Beneficiary Mortgagee all insurance and tax bills promptly upon following receipt during any period when such monthly deposits are to be made with the depositoryMortgagee.
2.4.3 2.4.3. The Grantor Mortgagor will pay all taxes and other governmental charges (including, without limitation, stamp taxes), except income or franchise taxes or similar taxes based upon or measured by income, assessed by the United States government or any state or local governmental authority and imposed on the Mortgagee, its successors by reason of the ownership of this Mortgage or the Note or the receipt of the interest or other sums payable thereunder or payable by either the Mortgagor or the Mortgagee upon any increase in the indebtedness secured hereby, or any modification, amendment, extension or consolidation of this Mortgage. Without limiting the foregoing and subject to the limitations set forth above, the Mortgagor will also pay the whole of any tax imposed imposed, directly or indirectly indirectly, on this Deed Mortgage or the Note or the receipt of Trust any portion of the Indebtedness in lieu of a tax on the Mortgaged Premises or any part thereofthe Improvements and Building Service Equipment, whether by reason of (a) the passage after the date of this Deed of Trust Mortgage of any law of the State deducting from the value of real property for the purposes of taxation any lien thereon; (b) any change in the laws for the taxation of mortgages, deeds of trust Mortgages or debts secured by mortgages or deeds of trust Mortgages for state or local purposes; or (c) a change in the means of collection of any such tax or otherwise; or (d) any tax, unless whether or not now existing, assessed against, or withheld from, interest or other payments made by the Mortgagor or assessed against this Mortgage and which are assessed or levied by the government of any foreign nation or political subdivision thereof, provided such payment would tax liability shall not result in from the imposition ownership of interest beyond this Mortgage by a Person not a citizen of, or an entity not formed under the maximum amount permitted by lawlaws of, the United States or any state. Within a reasonable time after payment of any Imposition, such tax or governmental charge, the Grantor will, upon request of the Beneficiary, Mortgagor will deliver to the Beneficiary reasonably Mortgagee satisfactory proof of payment thereof, subject, however, to the right of the Grantor Mortgagor to contest Impositions as hereinafter set forth forth. If the Mortgagor shall fail to pay such tax or charge within fifteen (15) days after written notice, or if under applicable law the Mortgagor's payment or agreement to pay the same shall be unenforceable, the Mortgagee shall have the right to declare the entire unpaid indebtedness and all FRK11624.A05 285741572 01/09/97 KDF: accrued and unpaid interest thereon due and payable on a date specified by the Mortgagee, but, in Section 2.4.4 belowany event, not less than thirty (30) days after written notice to the Mortgagor.
2.4.4 2.4.4. The Grantor Mortgagor shall have the right to contest the amount or validity, in whole or in part, of any Imposition, or to seek a reduction in the valuation of the Mortgaged Premises Premises, or any part thereof, as assessed for real estate or personal property tax purposes by appropriate proceedings diligently conducted in good faith, but only after payment of such Imposition, unless such payment would operate as a bar to such contest or materially adversely interfere with the prosecution thereof, in which event the Mortgagor may postpone or defer payment of such Imposition (but not the payment of any monthly deposits pursuant to SECTION 2.4.2 hereof); and upon request by the GrantorMortgagor, the Beneficiary Mortgagee shall postpone or defer payment of such Imposition if:
(a) neither Imposition; provided, however, that if at any time the Mortgaged Premises nor Premises, the Building Service Equipment, the Furnishings, or any part thereof would would, in the Mortgagee's reasonable judgment, by reason of such postponement or deferment be in imminent danger of being forfeited or lost;
(b) neither , or if the Trustee nor the Beneficiary shall Mortgagee might be in danger of being subjected to any civil or criminal liability or penalty by reason of such postponement or deferment;
(c) other sanction, then the GrantorMortgagor, at the Grantor's optionon demand, shall either have deposited with the Beneficiary immediately pay or cause to be paid the amount so contested and unpaid (unless the amount being contested was previously paid under protest)unpaid, together with all interest and penalties in connection therewith and all charges that may or might be assessed against or become a charge on the Mortgaged Premises, or any part thereof, in such proceeding or in lieu thereof, or the Grantor shall have posted with the Beneficiary a bond by a surety company licensed to do business in the State selected by Grantor and reasonably acceptable to Beneficiary, whereby such surety undertakes to pay such Imposition, interest, penalties and charges in the event that the Grantor shall fail to pay the same upon the final disposition of the contest (including appeals) or in the event that the Mortgaged Premises or any part thereof is in imminent danger of being forfeited or lost during the pendency of such contest or if the Grantor fails to increase the amount of such bond as hereinafter providedtherewith.
2.4.5. The initial deposit or bond shall be in an amount equal to 100% of the amount so contested and unpaid. In determining the amount of such deposit or bondcertificate, the Grantor shall be credited with any amounts theretofore deposited with the Beneficiary in respect of the Imposition being contested. Any deposit made by the Grantor under the provisions of this subsection 2.4.4(c), together with any additions thereto made pursuant to this Section 2.4 earned thereon, shall be held in trust in an interest bearing account and disposed of as hereinafter provided. Upon the termination of any such proceeding (including appeals), or, if the Grantor should so elect, at any time prior thereto, the Grantor shall pay the amount of such Imposition or part thereof as finally determined in such proceeding (or appeal), the payment of which may have been deferred during the prosecution of such proceeding (or appeal), together with any costs, fees, interest, penalties or other liabilities in connection therewith. Upon such payment the Beneficiary shall return any amount deposited with it together with all interest earned thereon (and not previously applied by it as hereinafter provided) with respect to such Imposition. Such payment, at the request of the Grantor, shall be made by the Beneficiary out of the amount deposited with it with respect to such Imposition, to the extent that such amount is sufficient therefor, and any balance due shall be paid by the Grantor. If, at any time during the continuance of such proceeding, the Beneficiary shall reasonably and in good xxxxx xxxx the amount deposited with it or provided by bond insufficient, the Grantor shall, within 15 days of demand, make an additional deposit of, or increase the amount of its bond by, such additional amount as the Beneficiary may reasonably request to cover payment of the items set forth in this subsection 2.4.4(c). If at any time during the continuance of such proceeding the Mortgaged Premises or any part thereof is, in the reasonable judgment of the Beneficiary, in substantial danger of being forfeited or lost, the Beneficiary may, upon prior written notice to Grantor, apply the amount theretofore deposited with it to the payment of such Imposition (or the Beneficiary may require application of the bonded amount by the surety company, if a bond has been furnished) in the manner provided in the preceding sentence. Notwithstanding anything contained herein to the contrary, no such deposit held by the Beneficiary, or any part thereof, shall be returned to the Grantor so long as any Event of Default shall occur and be continuing; and
(d) such postponement shall not affect the Gran tor's obligation to make required deposits pursuant to subsection 2.4.2 or the Beneficiary's right to require the same if such escrows are not then being maintained.
2.4.5 The certificate advice or xxxx of the appropriate official designated by law to make or issue the same or to receive payment of any imposition Imposition indicating the nonpayment of such Imposition shall be prima facie evidence that such Imposition is due and payable but unpaid at the time of the amount of the Imposition payablemaking or issuance thereof.
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents and Security Agreement (Corporate Realty Income Fund I L P)
