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200602198
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Last modified
3/4/2012 10:59:31 AM
Creation date
3/14/2006 7:22:35 AM
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DEEDS
Inst Number
200602198
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200602198 <br />and payable, and which create, may create or appear to create a lien upon the Mortgaged Estate, or any <br />part thereof, or upon any Personal Property, equipment or other facility used in the operation or <br />maintenance thereof (all of which taxes, assessments and other governmental and nongovernmental <br />charges of like nature are hereinafter referred to as "Impositions "); provided however, that if, by law, <br />any such Imposition is payable, or may at the option of the taxpayer be paid, in installments, the Grantor <br />may pay the same together with any accrued interest on the unpaid balance of such Imposition in <br />installments as the same become due and before any fine, penalty, interest or cost may be added thereto <br />for the nonpayment of any such installment and interest. <br />(b) If at any time after the date hereof there shall be assessed or imposed (1) a tax or <br />assessment on the Mortgaged Estate in lieu of or in addition to the Impositions payable by the Grantor <br />pursuant to Section 1.09(x) hereof, or (2) a license fee, tax or assessment imposed on the Beneficiary and <br />measured by or based in whole or in part upon the amount of the outstanding Secured Obligations, then <br />all such taxes, assessments or fees shall be deemed to be included within the term "Impositions" as <br />defined in Section 1.09(x) hereof, and the Grantor shall pay and discharge the same as herein provided <br />with respect to the payment of Impositions. <br />(c) Subject to the provisions of Section 1.09(d) hereof, the Grantor covenants to furnish the <br />Beneficiary within 30 days after the date upon which any such Imposition is due and payable by the <br />Grantor, official receipts of the appropriate taxing authority, or other proof satisfactory to the Beneficiary, <br />evidencing the payment thereof. <br />(d) Subject to the applicable state law provisions, the Grantor shall have the right before any <br />delinquency occurs to contest or object to the amount or validity of any Imposition by appropriate legal <br />proceedings, but this shall not be deemed or construed in any way as relieving, modifying, or extending <br />the Grantor's covenant to pay any such Imposition at the time and in the manner provided in Section 1.09 <br />hereof, unless the Grantor has given prior written notice to the Beneficiary of the Grantor's intent to so <br />contest or object to an Imposition, and unless, at the Beneficiary's sole option, (1) the Grantor shall <br />demonstrate to the Beneficiary's satisfaction that the legal proceedings shall conclusively operate to <br />prevent the sale of the Mortgaged Estate, or any part thereof; (2) the Grantor shall diligently and in good <br />faith pursue such contest (3) the Grantor shall furnish a good and sufficient bond or surety in an amount <br />equal to 125% of the contested Imposition; and (4) the Grantor shall have provided a good and sufficient <br />undertaking as may be required or permitted by law to accomplish a stay of such proceedings. <br />(e) The Grantor covenants and agrees not to suffer, permit or initiate the joint assessment of <br />the real and personal property, or any other procedure whereby the lien of the real property taxes and the <br />lien of the personal property taxes shall be assessed, levied or charged to the Mortgaged Estate as a single <br />lien. <br />Section 1.10. Utilities. The Grantor shall pay when due all utility charges which are incurred <br />for the benefit of the Mortgaged Estate or which may become a charge or lien against the Mortgaged <br />Estate for gas, electricity, water or sewer services furnished to the Mortgaged Estate and all other taxes, <br />assessments or charges of a similar nature, whether public or private, affecting the Mortgaged Estate or <br />any portion thereof, whether or not such taxes, assessments or charges are liens thereon. <br />Section 1.11. Actions Affecting Mortgaged Estate. The Grantor shall appear in and contest <br />any action or proceeding purporting to affect the title of the Grantor in the Mortgaged Estate or security <br />hereof or the rights or powers of the Beneficiary or the Trustee; and the Grantor shall pay all costs and <br />expenses, including cost of evidence of title and reasonable attorneys' fees, in any such action or <br />proceeding in which the Beneficiary or the Trustee may appear. <br />-7- <br />
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