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84 -005448 ARTICLE III TAXES AND INSURANCE Taxes, Other Governmental Charges, Liens and Utility Charqes. Pursuant to the Lease, the Company has agreed, before any penalty attaches thereto, to payor discharge' all taxes" assessments, utility charges and other governmental charges imposed upon or against the Mortgaged Property or upon or against the Bond and the indebtedness secured hereby, and not to suffer to exist any mechanics', construction, statutory or other lien on the Mortgaged Property or any part thereof unless consented to by the Bondholder in writing. If the Bondholder is required by legislative enactment or judicial decision to pay any such tax, assessment or charge, then, at the option of the Bondholder, the Bond and anv accrued interest thereof shall be and become due and payable at 'the election of the Bondholder upon notice of such election to the Issuer; provided, however, such election shall be unavailing and this Mortgage and the Bond shall be and remain in effect as though such law had not been enacted or such decision had not been rendered if, notwithstanding such law or decision, the Issuer lawfully pays such tax, _ssessment or charge to or for the Bondholder. Section 3.01 Nothing in this Section 3.01 shall require the payment or discharge of any obligation imposed upon the Issuer by this Section so long as the Issuer, upon first notifying the Bondholder of its intent to do 50, shall in good f?-ith and at its own expense contest the same or the validity thereof by appropriate legal proceeding which permit the items contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom. unless the Bondholder shall notify the Issuer that, in its opinion, by non-payment of any such items, the lien of thi s Mortgage as to any part of the Mortgaged Property will be materially endangered or the Mortgaged Property, or any part thereof, will be subject to loss or forfei ture, in which event such taxes, assessments or charges shall be paid promptly. Section 3.02 Insurance. (a) Pursuant to the Lease, the Company has agreed to procure and maintain continuously in effect with respect to the Mortgaged Property policies of insurance against such risks and in such amounts as are customary for a prudent owner of property comparable to that comprising the Mortgaged Property. Without limiting the generality of the foregoing provision, the Company shall specifically maintain the following insurance coverages: (i) Direct damage insurance covering the risks of loss from fire, extended coverage perils and vandalism and malicious mischief in an amount not less than the greater of the -13- u L -1 L