|
,... _. .--..,..-,�.,o....,, �..._ ,
<br /> ;:� ._ .. , -�.�a;=
<br /> • �• • • <:•'�1'6,t�'. r,�Y . � ti J . . .,=� , _ —
<br /> ,. . . ..v,�r_.._... ;�y. 1'.C':'i�i:,'��'SF e• '�:� .s��,:LL �'.,. '�.i . .��..:.n. .- -
<br /> ' ,.,, .. .. .�.,..: : . .
<br /> . ..i,....,....�.......... - -°-�- ----- . ... ._,. ._...i.,...e.r�_�
<br /> . ' . . _ .. . .. � . • �
<br />- '.;a:. i�.� . "
<br /> .r - � _—_
<br /> _�_
<br /> --__
<br /> '.M�i�_..L.�wi ._ �•--\:.-�.
<br /> —�� . . . .. ...- .
<br /> .u,.++.io.Q�s
<br />��.—v���
<br /> _ -�-- �9 1(100li0
<br /> -.�
<br />::�?�� --
<br />-�=-�.�-���
<br /> _ _ _ _ franahi.se, estate, inheritance, income, excess pr.ofits or similar
<br /> -"""'°�" tax levied on Beneficaary or on the ololigatiions secured hereby.
<br />_�v�,'�:.��
<br /> _ (�) Sub�ect to the provisions of. subparagraph (d) of
<br />--'�� this Section 1.8, Grantor covenants to furnish Benef.iaiary within
<br />'-��-`;_���� thirty (3(1) days after tlie da�e upon which an� such impoaition is
<br /> ' due and payable by Granter official receipts� of ,the apprapriate
<br />_��� taxing authority, or other proof satisfactory to Heneficiary,
<br /> -=== evidencing tlze payments thereof.
<br /> �
<br /> �;�:_��;� (d) Grantor shall have the right before a.ny delinquency
<br />--°�•xs.����, ocaurs to contsst or object to the amount or validity of any suoh
<br />_=���� Imposition by appropriate legal proceeding�, but this shall not be
<br /> w-��� deemed or construed in any way as r�lieving, modifying or extending
<br /> "==y��3� Grantor's covenant to pay any such Imposition at the time and in
<br /> -_=-�: the manner provided in this Section 1.8, unless Grantor has given
<br /> - � - prior written notice to Heneficiary of Gr.antor's intent to so
<br /> - -- contest ar object to an Imposftion, .�nd unless, at Beneficiary's
<br />_..�.;;�;�,� sole aptfon, (i) Grantor shall demonc��rate to aeneficiary's _
<br /> "-?�-:;,_�:, satisfaction that the legal proceedings shall conclusively operate
<br /> -�r.�f�; to prevent the sale of the Premises, or any part thereof, to
<br />__�_�� satis�y such Imposition prior to final dete.rminatio» of such
<br /> - ° proceedings; and (ii) Grantor shall furnish a good and sufficient
<br /> �s�: .��j bond, surety or other security to Beneficiary, as requested by and
<br /> =—�� satisfactory to Benefiaiary.
<br /> ��i�
<br /> P�-- (e) At the request of Beneficiary, Grantor shall pay to
<br /> -_��-��� Beneficiary, on the day monthly ins�allments of principal and
<br /> -Y=�'-�'� interest are payable under the Note, until the Secured Indebtedness
<br /> --_'�-:-�'�i z� �a;�l in full, an amount eq_ual to one-twelfth of the annual
<br /> -��� Impositions reaeanably estimated by Beneficiary to pay the
<br /> �'� installment of taxes next due on the Premises in order to
<br /> �� accumulate with Beneficiary sufficient funds �o pay the annual
<br /> ___= - Impositions thirty (3U) days prior to their due date. In such
<br /> - — event Grantor further agxees to cause all bills, stat8ments or
<br />------ — other documents relating to Impositions to be sent or mailed
<br /> directly to Heneficiary. Upon receipt of such bills, statements or
<br /> - other documents, and provided Grantor has deposited sufficient
<br /> ==°-�T� funds with Beneficiary pursuant to this Section 1.5, Beneficiary
<br /> _�-- shall pay such amounts as may be du� thereunder out of the funds so
<br /> - - deposited with Beneficiary. If at any time and for any reason the
<br /> -__�� funds deposited with Deneficiary are or will be in�uFficient to pay
<br /> such amounts as may then or subsequently be due, Beneficiary shall
<br /> � notify Grantor and Grantor shall imm�diately deposit an amount
<br /> -°-� equal to such deficiency with Beneficiary. Notwithstanding the _
<br /> --<•�����
<br /> .��y� foregoing, nothing contained herein shall cause Benefi.ciary to be
<br /> deQmed a trustee of said funds or to be obligated to pay any
<br /> -��-;;� amounts in excess of the amount of funds deposited with Beneficiary
<br /> _ - -"'_ __� ' pursuant to thia Section l.s. Beneficiary shall not be obliged to
<br />_._�,�::��,� pay or allow any i.nterest on any sum�s held by Beneficiary pending
<br />---'�;.,,,��� disbursement or application hereunder and Beneficiary may impound
<br /> -v-"�rt'i-��-�'� or reserve for fu�ture payment of Impositions such portion of such
<br /> W.�ti:;��;:;
<br /> :,:,� monthly payments (inclu3iriq principal, interest �nd all escrow
<br /> ; ��� ' payments) as Beneficiary may in its absolute discretion deem
<br /> � ��?`� � � proper, applying the balance on the principal of or interest on the
<br /> , � obligations secured hereby. Should Grantor fail to depo�it with
<br /> Beneficiary (exclusive of that portion of said. payn�ents which ha�
<br /> ' been app�ied by Beneficiary on the princi�al of or interest on the �
<br /> fi� indebtedness secured by the Loan Tnstruments) sums sufficient to �
<br /> ' fully pay such Imposit ions at least thirty (30) days before '_
<br /> delinquency thereof, Beneficiary may, at Beneficiary's election, -
<br /> ' but wi�hout any obligation so ta do, advance any amounts r.equired
<br /> .. to malce up the deficiency, which advances, if any, shall be secured
<br /> ' _ __ _ herebv and shall be repayable to Beneficiary as herein elsewhere
<br /> � provided, or at the option of Benefir.iary the latter may, wiL'nouL
<br /> � makinq any advance whatever apply any sums held by it upon any �
<br /> obligation of Grantor secured hereby. Should any defaul.t occur or
<br /> exist on the part of Grantor itt the payment or performance af any
<br /> of Grantor's and/or any guarantor's obligations under the terms of
<br /> -6-
<br /> ;
<br /> ,
<br /> I _ _
<br />
|