Laserfiche WebLink
<br />88-104344 <br /> <br />1.11 Contest of Impositions, Liens and Levies. <br /> <br />Notwithstanding anything contained herein to the contrary, <br />Mortgagor shall not be required to payor discharge any (al <br />taxes, assessments or other charges of the nature referred to in <br />section 1.3i (b) utility charges referred to in section 1.4 or <br />liens referred to in Section 1.5i or (c) comply with any laws, <br />ordinances, rules or regulations of any governmental authority or <br />the application thereof to the Mortgaged property so long as the <br />Mortgagor shall in good faith contest the same or the validity <br />thereof by appropriate legal proceedings which shall operate to <br />prevent the collection or the levy, lien or imposition so <br />contested and the sale of the premises, or any part tQereof, to <br />satisfy any obligation arising therefrom, provided that the <br />Mortgagor shall give such security as may be demanded bY the <br />Mortgagee to insure such payments and prevent any sale or <br />forfeiture of the Mortgaged property by reason of such <br />nonpayment, failure of performance or contest by Mortgagor. Any <br />such contest shall be prosecuted with due diligence and the <br />Mortgagor shall promptly after final determination thereof pay <br />the amount of any levy, lien or imposition so determined, <br />together with all interest and penalties, which may be payable in <br />connection therewith. Notwithstanding the provisions of this <br />Section, Mortgagor shall (and if Mortgagor shall fail so to do, <br />Mortgagee may but shall not be required to) pay any such levy, <br />lien or imposition notwithstanding such contest if in the <br />reasonable opinion of the Mortgagee, the Mortgaged property shall <br />be in jeopardy or in danger of being forfeited or foreclosed. <br /> <br />1.12 Subrogation. <br /> <br />If Mortgagee pays any prior lien from the proceeds of the <br />loan secured by this Mortgage, it shall be subrogated to the <br />rights of the holder of such prior lien as fully as if such lien <br />had been assigned to Mortgagee. <br /> <br />1.13 Right of Mortgagee to perform. <br /> <br />If Mortgagor tails to pay all and singular any taxes, <br />assessments or other similar charges heretofore or hereafter <br />assessed against the Mortgaged property within the time herein <br />prescribed for the Mortgagor to pay the same, or fails to obtain <br />the release of any lien or encumbrance of any nature heretofore <br />or hereafter arising upon the Mortgaged Property within the time <br />herein prescribed for the Mortgagor to obtain the release, or if <br />an Event of Default shall have occurred, or if any action or <br />proceeding is commenced which adversely affects or questions the <br />title to or possession of the Mortgaged Property or the interest <br />of Mortgagor or Mortgagee therein, then Mortgagee, at Mortgagee's <br />option, after ten (10) days notice to Mortgagor, may but in no <br />way shall be obligated to pay such taxes, assessments or other <br />charges, obtain such release, perform such covenants and <br />agreements, investigate and defend against such action or <br /> <br />-9- <br /> <br />u <br />