Common use of Payment of Taxes, Assessments and Other Charges Clause in Contracts

Payment of Taxes, Assessments and Other Charges. To pay all and singular such taxes, assessments and public charges as are already levied or assessed or that may be hereafter levied or assessed upon or against the Property, when the same shall become due and payable according to law, before the same become delinquent, and before any interest or penalty shall attach thereto, and to deliver official receipts evidencing the payment of the same to the Lender not later than thirty (30) days following the payment of the same. Borrower shall have the right to contest, in good faith, the proposed assessment of ad valorem taxes or special assessments by governmental authorities having jurisdiction of the Property; provided, however, the Borrower shall give written notice thereof to Lender and Lender may, in its sole discretion, require Borrower to post a bond or other collateral satisfactory to Lender in connection with any such action by Borrower; provided further, however, that so long as there is no default hereunder (which is not cured within any applicable cure period, if any) Lender agrees not to require Borrower to post a bond or other collateral if (i) Borrower is appealing ad valorem taxes in the normal course of Borrower's business and (ii) no action is taken to commence foreclosure procedures on the Property or any portion thereof and (iii) the collateral pledged to Lender to secure the loan evidenced by the Note and this Security Deed is not otherwise jeopardized in Lender's sole opinion.