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88100020
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Last modified
3/9/2007 5:40:56 PM
Creation date
3/9/2007 4:28:31 AM
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DEEDS
Inst Number
88100020
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<br />r <br /> <br />88- 100020 <br /> <br />obligations insuring Beneficiary against loss or damage by reason <br />of the existence of such contested obligations or Mortgagor has <br />deposited with Beneficiary, at such place as Beneficiary may from <br />time to time in writing desigllate. a sum of money or other securi- <br />ty acceptable to Beneficiary that is sufficient in Beneficiary's <br />judgment to pay in full such contested obligations (or to bring <br />the Mortgaged Property in cOIT.pliance with the obligations under <br />Section 1.4.4) and all penalties and interest that might become <br />due thereon. and shall keep on deposit an amount sufficient. in <br />Beneficiary's judgment. to pay in full such contested obligations. <br />increasing such amount to cover additional penalties arid interest <br />whenever. in Beneficiary's judgment, such increase is advisable; <br />(iii) Mortgagor shall not be exposed to any criminal or civil <br />liability by virtue of such contest and such contest shall, in the <br />judgment of the Beneficiary, be reasonable; (iv) Mortgagor shall <br />diligently prosecute the contest of such contested obligations by <br />appropriate legal proceedings and shall permit Beneficiary to be <br />represented in any such contest and shall pay all expenses in- <br />curred by Beneficiary in so doing, including fees and expenses of <br />Beneficiary's counsel (all of \"hich shall constitute so much <br />additional Indebtedness bearing interest at the Default Rate until <br />paid, and payable upon demand); and (v) in the event Mortgagor <br />fails to prosecute such contest with reasonable diligence or fails <br />to maintain sufficient funds on deposit as hereinabove provided. <br />Beneficiary may. at its option. apply the monies and liquidate any <br />securities deposited with Beneficiary, in payment of. or on <br />account of, such contested obligations, or any portion thereof <br />then unpaid. including all penalties and interest thereon. If the <br />amount of the money and any such security so deposited is insuffi- <br />cient for the payment in full of such contested obligations. <br />together with all penalties and interest thereon, Mortgagor shall <br />forthwi th, upon demand, either deposit with Beneficiary a sum <br />that, when added to such funds then on deposit, is sufficient to <br />make such payment in full, or, if Beneficiary has applied funds on <br />deposi t on account of such contested obligations. restore such <br />deposi t to an amount sati sfactory to Beneficiary. Beneficiary <br />may, but shall not be required to. pay such deficiency in said <br />deposit for contested obligations and interest and penalties <br />thereon and such other sums as may be necessary in the judgment of <br />the Beneficiary to obtain the release and discharge of such <br />contested obligations; and any amount expended by Beneficiary in <br />so doing shall be so much additional Indebtedness bearing interest <br />at the Default Rate until paid. In any event, Mortgagor shall <br />cause the contested obligations to be fully satisfied and dis- <br />charged immediately upon final determination of the contest and <br />prior to the time that any sale. forfeiture or demolition of all <br />or any part of the Mortgaged Property could result. <br /> <br />1.4.6 Mortgagor shall not in its use and occupancy <br />of the Premises (including, without limitation. in the making of <br />any "Alterations" (as hereinafter defined)) take any action that <br />would be the basis for termination. revocation or denial of any <br />insurance coverag-e required to be maintained under this Deed of <br />Trust or the Loan Agreement or that would be the basis for a <br /> <br />-8- <br /> <br />r-- <br /> <br />L <br /> <br />L <br /> <br />~ <br /> <br />.-;'~ <br /> <br />, <br />( <br />~. <br /> <br />L <br />
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