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<br />88-10002.,?
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<br />SECTION 1.4 Payment of Taxes, Insurance Premiums,
<br />Assessments; Compliance with Law and Insurance Requirements.
<br />
<br />1.4.1 Unless contested in accordance with Section
<br />1.4.5 or pursuant to the terms of the Underlying Lease, Mortgagor
<br />shall pay and discharge, from time to time when the same shall
<br />become due, all real estate and other taxes, special assessments,
<br />levies, permits, inspection and license fees, all premiums for
<br />insurance, all water and sewer rents and charges, and all other
<br />public charges imposed upon or assessed against the Mortgaged
<br />Property or any part thereof or upon the revenues, rents, issues,
<br />income and profits of the Mortgaged Property, includ~ng, without
<br />limi tation, those ari sing in respect of the occupancy, use or
<br />possession thereof.
<br />
<br />1.4.2 At the option of Beneficiary, to be exer-
<br />cised by notice to Mortgagor, or if required by the terms of the
<br />Underlying Lease, Mortgagor shall deposit with Beneficiary or such
<br />other party designated by the Underlying Lease, on the first day
<br />of each month, an amount estimated by Beneficiary to be equal to
<br />one-twelfth (lj12th) of the annual taxes, assessments and other
<br />items required to be discharged by Mortgagor under Section 1.4.1.
<br />Such amounts shall be held by Beneficiary or such other party
<br />designated by the Underljing Lease without interest to Mortgagor
<br />and applied to the payment of the obligations in respect of which
<br />such amounts were deposited, in such order or priority as Benefi-
<br />ciary shall determine, on or before the respective dates on which
<br />the same or any part thereof would become de 1 inquent. Nothing
<br />contained in this Section i.4.2 shall affect any right or remedy
<br />of Beneficiary under any provision of this Deed of Trust or of any
<br />statute or rule of law to pay any such amount and to add the
<br />amount so paid, together with interest at the Default Rate (as
<br />defined in the Loan Agreement), to the other amounts outstanding
<br />in respect to the Loan or relieve Mortgagor of its obligations to
<br />make or provide for the payment of the annual taxes, assessments
<br />and other charges required to be discharged by Mortgagor under
<br />Section 1.4.1.
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<br />1.4.3 Unless contested in accordance with Section
<br />1.4.5 or in accordance with the Underlying Lease, Mortgagor shall
<br />timely pay all lawful claims and demands of mechanics,
<br />materialmen, laborers, government agencies administering worker's
<br />compensation insurance, old age pensions, and social security
<br />benefits and all other claims, judgments, demands or amounts of
<br />any nature which, if unpaid, might result in, or permit the
<br />creation of, a Lien on the Mortgaged Property or any part thereof,
<br />or on the revenues, rents, issues, income and profits arising
<br />therefrom.
<br />
<br />1.4.4 l"lortgagor has obtained and shall take all
<br />action necessary to maintain in force and effect all permits,
<br />consents, approvals, licenses, franchises or other instruments
<br />including those required by the Loan Agreement (collectively,
<br />"Permi ts") required by any federal, state, municipal or local
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