Common use of Taxes and Other Impositions Clause in Contracts

Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, and shall deliver promptly to Mortgagee such evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoing, Mortgagor shall not be required to pay any such taxes, assessments, charges or other levies so long as Mortgagor shall in good faith, and at its cost and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewith.

Appears in 7 contracts

Samples: Security Agreement (Cellteck Inc.), Assignment, Security Agreement and Fixture Filing (Nl Industries Inc), Loan Agreement and Secured Promissory Note (Cellteck Inc.)

AutoNDA by SimpleDocs

Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, Borrower shall promptly pay before delinquency all taxes, assessments and other charges assessments, charges, fines or levies imposed impositions, general, local or special (collectively the "Impositions"), levied upon or against or with respect to the Property or the ownershipMortgaged Property, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, or upon Huntington's interest therein, or upon the Mortgage or the Indebtedness, by any duly or legally constituted public authority, municipality, township, county or state or the United States, and shall deliver promptly to Mortgagee such upon request, will provide evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoingto Huntington; provided that Borrower, Mortgagor shall not be required to pay any such taxesat Borrower's own cost and expense may, assessments, charges or other levies so long as Mortgagor if it shall in good faith, and at its cost and expensefaith so desire, contest the validity or amount or validity thereof, or take other appropriate action with respect theretoof any Impositions, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate which event Borrower may defer the payment thereof for such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense period as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly actively prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be leviedpending undetermined; further provided, assessed however, that Borrower shall not allow any such Impositions so contested to remain unpaid for such length of time as shall permit all or imposed any portion of the Mortgaged Property, or determined the lien thereon created by such item, to be payablesold by federal, together state, county or municipal authority for the nonpayment thereof. Pending any such contest, Borrower shall maintain adequate book reserves with all penaltiesrespect to such Impositions being contested. In the event that one or more of the Impositions on Huntington's interest in the Mortgaged Property, finesthe Mortgage or the Indebtedness cannot be lawfully paid by Borrower, intereststhen the Mortgaged Property shall be withdrawn from the Collateral Pool (as such team is defined in the Loan Agreement). In the event the withdrawal of the Mortgaged Property from the Collateral Pool causes Borrower not to be in compliance with the required loan to value ratio under the Loan Agreement, costs and expenses Borrower may either furnish substitute property, as provided in connection therewithSection 7 of the Loan Agreement, or pay down the Indebtedness in an amount which will bring the loan to value ratio into compliance.

Appears in 4 contracts

Samples: And Security Agreement (Glimcher Realty Trust), Glimcher Realty Trust, Glimcher Realty Trust

Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, Borrower shall promptly pay before delinquency all taxes, assessments and other charges assessments, charges, fines or levies imposed impositions, general, local or special (collectively the "Impositions"), levied upon or against or with respect to the Property or the ownershipMortgaged Property, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, or upon Lender's interest therein, or upon the Mortgage or the Indebtedness, by any duly or legally constituted public authority, municipality, township, county or state or the United States, and shall deliver promptly to Mortgagee such exhibit the evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoingto Lender upon Lender's request; provided that Borrower, Mortgagor shall not be required to pay any such taxesat Borrower's own cost and expense may, assessments, charges or other levies so long as Mortgagor if it shall in good faith, and at its cost and expensefaith so desire, contest the validity or amount or validity thereof, or take other appropriate action with respect theretoof any Impositions, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate which event Borrower may defer the payment thereof for such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense period as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly actively prosecuted and shall be pending undetermined; provided further, however, that Borrower shall not allow any such Impositions so contested to final conclusion remain unpaid for such length of time as shall permit all or settlementany portion of the Mortgaged Property, or the lien thereon created by such item, to be sold by federal, state, county or municipal authority for the nonpayment thereof. Pending any such contest, Borrower shall furnish to Lender an indemnity bond secured by a deposit in cash or other security acceptable to Lender, in the amount of the tax or assessment being contested by Borrower, plus a reasonable additional sum to pay all costs, interest and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability penalties which may be imposed or expense as a result thereof or incurred in connection therewith. Promptly In the event that one or more of the Impositions on Lender's interest in the Mortgaged Property, the Mortgage or the Indebtedness cannot be lawfully paid by Borrower, then Borrower shall repay the Indebtedness in full without penalty within sixty (60) days after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithdemand therefor by Lender.

Appears in 3 contracts

Samples: Security Agreement (Glimcher Realty Trust), Security Agreement (Glimcher Realty Trust), Glimcher Realty Trust

Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, and shall deliver promptly to Mortgagee such evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoing, Mortgagor shall not be required to pay any such taxes, assessments, charges or other levies so long as Mortgagor shall in good faith, and at its cost and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewith.. February-16-2012

Appears in 3 contracts

Samples: Third Consolidated Amendment Agreement (Cellteck Inc.), Second Consolidated Agreement (Cellteck Inc.), First Consolidated Amendment Agreement (Cellteck Inc.)

Taxes and Other Impositions. Mortgagor Grantor, and each constituent member of Grantor, have filed all federal, state, county, municipal and city income and other tax returns required to have been filed by such person and have paid all taxes which have become due pursuant to such returns or pursuant to any assessments received by them, and Gxxxxxx knows of no basis for any additional assessment in respect of any such taxes. In addition, Gxxxxxx has paid in full all sums owing or claimed for labor, material, supplies, personal property (whether or not forming a Fixture hereunder) and services of every kind and character used, furnished or installed in or on the Mortgaged Property. Grantor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Mortgaged Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as before the same become due and payable without premium or penaltydelinquent, including but not limited to all real estate ad valorem taxes assessed against the Mortgaged Property or any part thereof, and shall deliver promptly to Mortgagee the Beneficiary such evidence of the payment thereof as Mortgagee the Beneficiary may reasonably require. Notwithstanding The Grantor may, after notifying the foregoingBeneficiary, Mortgagor shall not be required to pay and at the Grantor's expense, in good faith contest any such taxes, assessments, other charges or levies or utility and other levies charges and, in the event of any such contest, may permit the taxes, assessments or other charges so long contested to remain unpaid during the period of such contest and any appeal therefrom. Pending such contest, Grantor shall not be deemed in default hereunder because of such nonpayment if, prior to delinquency of the asserted tax or assessment, Grantor deposits with the Beneficiary an amount equal to at least 110% of the tax or assessment being contested by Grantor plus a reasonable additional sum to pay all costs, interest and penalties which may be imposed or incurred in connection therewith, conditioned that such tax or assessment, with interest, cost and penalties, be paid as Mortgagor shall in good faithherein stipulated, and at its cost if Grantor is diligently and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedingscontesting the validity, (b) such proceedings operate to prevent the collection ofamount, or other realization uponapplication of the asserted tax or assessment, and if Grantor promptly pays any amount adjudged by a court of competent jurisdiction to be due, with all costs, penalties and interest thereon, on or before the date such judgment becomes final; and provided, further, that in any event, the taxestax, assessmentsassessment, charges or other levies so contestedpenalties, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, interest and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest costs shall be promptly prosecuted paid prior to final conclusion the date on which any writ or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or order is issued under which the Mortgaged Property may be sold in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithsatisfaction thereof.

Appears in 2 contracts

Samples: Lease Agreement (Westway Group, Inc.), Lease Agreement (Westway Group, Inc.)

Taxes and Other Impositions. Mortgagor Grantor, and each constituent member of Grantor, have filed all federal, state, county, municipal and city income and other tax returns required to have been filed by such person and have paid all taxes which have become due pursuant to such returns or pursuant to any assessments received by them, and Grantor knows of no basis for any additional assessment in respect of any such taxes. In addition, Grantor has paid in full all sums owing or claimed for labor, material, supplies, personal property (whether or not forming a Fixture hereunder) and services of every kind and character used, furnished or installed in or on the Mortgaged Property. Grantor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Mortgaged Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as before the same become due and payable without premium or penaltydelinquent, including but not limited to all real estate ad valorem taxes assessed against the Mortgaged Property or any part thereof, and shall deliver promptly to Mortgagee the Beneficiary such evidence of the payment thereof as Mortgagee the Beneficiary may reasonably require. Notwithstanding The Grantor may, after notifying the foregoingBeneficiary, Mortgagor shall not be required to pay and at the Grantor's expense, in good faith contest any such taxes, assessments, other charges or levies or utility and other levies charges and, in the event of any such contest, may permit the taxes, assessments or other charges so long contested to remain unpaid during the period of such contest and any appeal therefrom. Pending such contest, Grantor shall not be deemed in default hereunder because of such nonpayment if, prior to delinquency of the asserted tax or assessment, Grantor deposits with the Beneficiary an amount equal to at least 110% of the tax or assessment being contested by Grantor plus a reasonable additional sum to pay all costs, interest and penalties which may be imposed or incurred in connection therewith, conditioned that such tax or assessment, with interest, cost and penalties, be paid as Mortgagor shall in good faithherein stipulated, and at its cost if Grantor is diligently and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedingscontesting the validity, (b) such proceedings operate to prevent the collection ofamount, or other realization uponapplication of the asserted tax or assessment, and if Grantor promptly pays any amount adjudged by a court of competent jurisdiction to be due, with all costs, penalties and interest thereon, on or before the date such judgment becomes final; and provided, further, that in any event, the taxestax, assessmentsassessment, charges or other levies so contestedpenalties, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, interest and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest costs shall be promptly prosecuted paid prior to final conclusion the date on which any writ or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or order is issued under which the Mortgaged Property may be sold in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithsatisfaction thereof.

Appears in 2 contracts

Samples: Westway Group, Inc., Westway Group, Inc.

Taxes and Other Impositions. Mortgagor, and each constituent member of Mortgagor, have filed all federal, state, county, municipal and city income and other tax returns required to have been filed by such person and have paid all taxes which have become due pursuant to such returns or pursuant to any assessments received by them, and Mortgagor knows of no basis for any additional assessment in respect of any such taxes. In addition, Mortgagor has paid in full all sums owing or claimed for labor, material, supplies, personal property (whether or not forming a Fixture hereunder) and services of every kind and character used, furnished or installed in or on the Mortgaged Property. Mortgagor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Mortgaged Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as before the same become due and payable without premium or penaltydelinquent, including but not limited to all real estate ad valorem taxes assessed against the Mortgaged Property or any part thereof, and shall deliver promptly to the Mortgagee such evidence of the payment thereof as the Mortgagee may reasonably require. Notwithstanding The Mortgagor may, after notifying the foregoingMortgagee, Mortgagor shall not be required to pay and at the Mortgagor's expense, in good faith contest any such taxes, assessments, other charges or levies or utility and other levies charges and, in the event of any such contest, may permit the taxes, assessments or other charges so long as contested to remain unpaid during the period of such contest and any appeal therefrom. Pending such contest, Mortgagor shall not be deemed in good faithdefault hereunder because of such nonpayment if, prior to delinquency of the asserted tax or assessment, Mortgagor deposits with the Mortgagee an amount equal to at least 110% of the tax or assessment being contested by Mortgagor plus a reasonable additional sum to pay all costs, interest and penalties which may be imposed or incurred in connection therewith, conditioned that such tax or assessment, with interest, cost and penalties, be paid as herein stipulated, and at its cost if Mortgagor is diligently and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedingscontesting the validity, (b) such proceedings operate to prevent the collection ofamount, or other realization uponapplication of the asserted tax or assessment, and if Mortgagor promptly pays any amount adjudged by a court of competent jurisdiction to be due, with all costs, penalties and interest thereon, on or before the date such judgment becomes final; and provided, further, that in any event, the taxestax, assessmentsassessment, charges or other levies so contestedpenalties, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, interest and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest costs shall be promptly prosecuted paid prior to final conclusion the date on which any writ or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or order is issued under which the Mortgaged Property may be sold in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithsatisfaction thereof.

Appears in 2 contracts

Samples: Open End Mortgage, Security Agreement (Westway Group, Inc.), Open End Mortgage, Security Agreement (Westway Group, Inc.)

Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, Borrower shall promptly pay before delinquency all taxes, assessments and other charges assessments, charges, fines or levies imposed impositions, general, local or special (collectively the "Impositions"), levied upon or against or with respect to the Property or the ownershipProperty, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, or upon Lender's interest therein, or upon the Property or the Indebtedness, by any duly or legally constituted public authority, municipality, township, county or state or the United States, and shall deliver promptly to Mortgagee such upon request, will provide evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoingto Lender; provided that Borrower, Mortgagor shall not be required to pay any such taxesat Borrower's own cost and expense may, assessments, charges or other levies so long as Mortgagor if it shall in good faith, and at its cost and expensefaith so desire, contest the validity or amount or validity thereof, or take other appropriate action with respect theretoof any Impositions, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate which event Borrower may defer the payment thereof for such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense period as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly actively prosecuted and shall be pending undetermined; further provided, however, that Borrower shall not allow any such Impositions so contested to final conclusion remain unpaid for such length of time as shall permit all or settlementany portion of the Property, or the lien thereon created by such item, to be sold by federal, state, county or municipal authority for the nonpayment thereof. Pending any such contest, Borrower shall maintain adequate book reserves with respect to such Impositions being contested. In the event that one or more of the Impositions on Lender's interest in the Property, the Deed of Trust or the Indebtedness cannot be lawfully paid by Borrower, then Borrower shall repay the Indebtedness in full without penalty within sixty (60) days after demand therefor by Lender. Upon default in payment of any of the following described items, or upon the occurrence of any other event of default under this Instrument or under the Note, Lender shall have the right, at its option, and Mortgagor shall indemnify if Lender does not elect to accelerate the indebtedness secured hereby and save Mortgagee harmless against all claimsto pursue its other remedies, costto require Borrower to pay to Lender on the day monthly installments of principal or interest are payable under the Note (or on another day designated in writing by Lender), liability or expense as until the Note is paid in full, a result thereof or in connection therewith. Promptly after sum (herein "Funds") equal to one-twelfth of (a) the settlement or conclusion of yearly water and sewer rates and taxes and assessments which may be levied on the Property; (b) the yearly ground rents, if any; (c) the yearly premium installments for fire and other hazard insurance, rent loss insurance and such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewith.other insurance

Appears in 1 contract

Samples: Rents and Security Agreement (Glimcher Realty Trust)

Taxes and Other Impositions. Mortgagor Grantor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Property or prior to the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as time the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereofdelinquent, and shall deliver promptly to Mortgagee Holder such evidence of the payment thereof as Mortgagee Holder may require. Notwithstanding ; provided that Grantor may in good faith, by appropriate proceedings, contest the foregoingvalidity, Mortgagor applicability, or amount of any asserted tax or assessment, and pending such contest Grantor shall not be required deemed in default hereunder if (i) Grantor shall diligently prosecute such contest in a manner not prejudicial to pay any the rights, liens and security interests of Lender; (ii) prior to delinquency of the asserted tax or assessment Grantor establishes with Lender an escrow acceptable to Lender adequate to cover the payment of such tax or assessment with interest, costs and penalties and a reasonable additional sum to cover possible costs, interest and penalties (which escrow shall be returned to Grantor upon payment of all such taxes, assessments, charges interest, costs and penalties or disbursed in accordance with the resolution of the contest to the claimant) or furnishes Lender with an indemnity bond secured by a deposit in cash or other levies so long as Mortgagor shall security acceptable to Lender, or with a surety acceptable to Lender, in good faith, and at its cost and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the tax or assessment being contested by Grantor plus a reasonable additional sum to pay all costs, interests and penalties which may be imposed or incurred in connection therewith; (iii) Grantor pays to Lender promptly after demand therefor all costs and expenses incurred by Lender in connection with such contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, ; and (eiv) Mortgagor provides assurances satisfactory Grantor promptly causes to Mortgagee (includingbe paid any amount adjudged by a court of competent jurisdiction to be due, without limitationwith all costs, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay penalties and interest thereon, promptly after such taxesjudgment becomes final and unappealable; provided, assessmentshowever, charges and other levies that in the any event Mortgagor is unsuccessful in its contest. Each each such contest shall be promptly prosecuted to final conclusion or settlementconcluded and the tax, assessment, penalties, interest and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which costs shall be levied, assessed paid prior to the date any writ or imposed or determined to order is issued under which the Property may be payable, together with all penalties, fines, interests, costs and expenses in connection therewithsold.

Appears in 1 contract

Samples: Loan Agreement (Coolbrands International Inc)

Taxes and Other Impositions. Mortgagor Grantor, and each constituent member of Grantor, have filed all federal, state, county, municipal and city income and other tax returns required to have been filed by such person and have paid all taxes which have become due pursuant to such returns or pursuant to any assessments received by them, and Xxxxxxx knows of no basis for any additional assessment in respect of any such taxes. In addition, Xxxxxxx has paid in full all sums owing or claimed for labor, material, supplies, personal property (whether or not forming a Fixture hereunder) and services of every kind and character used, furnished or installed in or on the Mortgaged Property. Grantor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Mortgaged Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as before the same become due and payable without premium or penaltydelinquent, including but not limited to all real estate ad valorem taxes assessed against the Mortgaged Property or any part thereof, and shall deliver promptly to Mortgagee the Beneficiary such evidence of the payment thereof as Mortgagee the Beneficiary may reasonably require. Notwithstanding The Grantor may, after notifying the foregoingBeneficiary, Mortgagor shall not be required to pay and at the Grantor's expense, in good faith contest any such taxes, assessments, other charges or levies or utility and other levies charges and, in the event of any such contest, may permit the taxes, assessments or other charges so long contested to remain unpaid during the period of such contest and any appeal therefrom. Pending such contest, Grantor shall not be deemed in default hereunder because of such nonpayment if, prior to delinquency of the asserted tax or assessment, Grantor deposits with the Beneficiary an amount equal to at least 110% of the tax or assessment being contested by Grantor plus a reasonable additional sum to pay all costs, interest and penalties which may be imposed or incurred in connection therewith, conditioned that such tax or assessment, with interest, cost and penalties, be paid as Mortgagor shall in good faithherein stipulated, and at its cost if Grantor is diligently and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedingscontesting the validity, (b) such proceedings operate to prevent the collection ofamount, or other realization uponapplication of the asserted tax or assessment, and if Grantor promptly pays any amount adjudged by a court of competent jurisdiction to be due, with all costs, penalties and interest thereon, on or before the date such judgment becomes final; and provided, further, that in any event, the taxestax, assessmentsassessment, charges or other levies so contestedpenalties, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, interest and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest costs shall be promptly prosecuted paid prior to final conclusion the date on which any writ or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or order is issued under which the Mortgaged Property may be sold in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithsatisfaction thereof.

Appears in 1 contract

Samples: Lease Agreement (Westway Group, Inc.)

AutoNDA by SimpleDocs

Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, Borrower shall promptly pay before delinquency all taxes, assessments and other charges assessments, charges, fines or levies imposed impositions, general, local or special (collectively the "Impositions"), levied upon or against or with respect to the Property or the ownershipMortgaged Property, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, or upon Lender's interest therein, or upon the Instrument or the Indebtedness, by any duly or legally constituted public authority, municipality, township, county or state or the United States, and shall deliver promptly to Mortgagee such upon request, will provide evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoingto Lender; provided that Borrower, Mortgagor shall not be required to pay any such taxesat Borrower's own cost and expense may, assessments, charges or other levies so long as Mortgagor if it shall in good faith, and at its cost and expensefaith so desire, contest the validity or amount or validity thereof, or take other appropriate action with respect theretoof any Impositions, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate which event Borrower may defer the payment thereof for such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense period as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly actively prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be leviedpending undetermined; further provided, assessed however, that Borrower shall not allow any such Impositions so contested to remain unpaid for such length of time as shall permit all or imposed any portion of the Mortgaged Property, or determined the lien thereon created by such item, to be payablesold by federal, together state, county or municipal authority for the nonpayment thereof. Pending any such contest, Borrower shall maintain adequate book reserves with all penaltiesrespect to such Impositions being contested. In the event that one or more of the Impositions on Lender's interest in the Mortgaged Property, finesthe Instrument or the Indebtedness cannot be lawfully paid by Borrower, intereststhen the Mortgaged Property shall be withdrawn from the Collateral Pool (as such team is defined in the Loan Agreement). In the event the withdrawal of the Mortgaged Property from the Collateral Pool causes Borrower not to be in compliance with the required loan to value ratio under the Loan Agreement, costs and expenses Borrower may either furnish substitute property, as provided in connection therewiththe Loan Agreement, or pay down the Indebtedness in an amount which will bring the loan to value ratio into compliance.

Appears in 1 contract

Samples: And Security Agreement (Glimcher Realty Trust)

Taxes and Other Impositions. Mortgagor will payTENANT shall pay promptly, or cause to be paidwhen due and payable, the following items (collectively, the "impositions") all taxes, assessments (including, without being limited to, all assessments for public improvements or benefits, whether or not commenced or completed prior to the date hereof and whether or not to be completed within the term hereof; however, if such assessments are payable in installments, only those installments falling due during the term of this Lease or any exercised renewal hereof shall be payable by TENANT, and TENANT may not create or negotiate any imposition of installments which exceed the term of this Lease or any exercise renewal hereof without the consent of LANDLORD, which consent may not unreasonably be withheld), ground rents, water, sewer and other charges rents, rates and charges, excises, levies, license fees, permit fees, inspection fees and any governmental authorization fees and charges, whether general or levies special, of every character (including all interest and penalties thereon), which at any time during the term hereof may be assessed, levied, confirmed or imposed upon or against on or with respect to or be a lien upon (a) the Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property leased property or any part thereofthereof or any estate, and shall deliver promptly to Mortgagee such evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoing, Mortgagor shall not be required to pay any such taxes, assessments, charges right or other levies so long as Mortgagor shall in good faith, and at its cost and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedingsinterest therein; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedings, (b) such proceedings operate to prevent any occupancy, use or possession of or activity conducted on the collection ofleased property or any part thereof (excluding income, or other realization upon, the taxes, assessments, charges or other levies so contested, franchise and similar taxes of LANDLORD); (c) there will be no saleany rent, forfeiture insurance hazard assessment or loss of the Property during the contest, other sums payable by TENANT to LANDLORD hereunder; (d) Mortgagee shall not be subjected to any claim, cost, liability this Lease or expense as a result thereof, and the leasehold estate hereby created; (e) Mortgagor provides assurances satisfactory to Mortgagee the earnings or receipts from the use or occupancy of the leased property; and/or (includingf) all charges for water, without limitationgas, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxesheat, assessmentslight, charges telephone, television, electricity, power and other levies in utility and communication services used on or about the event Mortgagor leased property. If the commencement date of this Lease does not coincide with the date when such tax or imposition is unsuccessful in its contest. Each imposed then such contest taxes or impositions, when not levied or imposed solely by reason of TENANT's use or occupancy of the premises, shall be promptly prosecuted apportioned according to final conclusion the fiscal period covered by such tax or settlementimposition. LANDLORD represents that there are (as of the date of signing of this Lease) no unpaid taxes or assessments upon the premises, and Mortgagor shall indemnify and save Mortgagee harmless against all claimsor to LANDLORD's actual knowledge, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined contemplated to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithassessed upon the premises.

Appears in 1 contract

Samples: Lease Agreement (C Cor Electronics Inc)

Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, Borrower shall promptly pay before delinquency all taxes, assessments and other charges assessments, charges, fines or levies imposed impositions, general, local or special (collectively the "Impositions"), levied upon or against or with respect to the Property or the ownershipMortgaged Property, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, or upon Lender's interest therein, or upon the Deed of Trust or the Indebtedness, by any duly or legally constituted public authority, municipality, township, county or state or the United States, and shall deliver promptly to Mortgagee such exhibit the evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoingto Lender upon Lender's request; provided that Borrower, Mortgagor shall not be required to pay any such taxesat Borrower's own cost and expense may, assessments, charges or other levies so long as Mortgagor if it shall in good faith, and at its cost and expensefaith so desire, contest the validity or amount or validity thereof, or take other appropriate action with respect theretoof any Impositions, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate which event Borrower may defer the payment thereof for such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense period as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly actively prosecuted and shall be pending undetermined; provided further, however, that Borrower shall not allow any such Impositions so contested to final conclusion remain unpaid for such length of time as shall permit all or settlementany portion of the Mortgaged Property, or the lien thereon created by such item, to be sold by federal, state, county or municipal authority for the nonpayment thereof. Pending any such contest, Borrower shall furnish to Lender an indemnity bond secured by a deposit in cash or other security acceptable to Lender, in the amount of the tax or assessment being contested by Borrower, plus a reasonable additional sum to pay all costs, interest and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability penalties which may be imposed or expense as a result thereof or incurred in connection therewith. Promptly In the event that one or more of the Impositions on Lender's interest in the Mortgaged Property, the Deed of Trust or the Indebtedness cannot be lawfully paid by Borrower, then Borrower shall repay the Indebtedness in full without penalty within sixty (60) days after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewithdemand therefor by Lender.

Appears in 1 contract

Samples: Glimcher Realty Trust

Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, all taxes, assessments and other charges or levies imposed upon or against or with respect to the Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, and shall deliver promptly to Mortgagee such evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoing, Mortgagor Mxxxxxxxx shall not be required to pay any such taxes, assessments, charges or other levies so long as Mortgagor shall in good faith, and at its cost and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection therewith.

Appears in 1 contract

Samples: Security Agreement (Cellteck Inc.)

Taxes and Other Impositions. Mortgagor will pay, or cause to be paid, Borrower shall promptly pay before delinquency all taxes, assessments and other charges assessments, charges, fines or levies imposed impositions, general, local or special (collectively the "Impositions"), levied upon or against or with respect to the Property or the ownershipMortgaged Property, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property or any part thereof, or upon Lender's interest therein, or upon the Mortgage or the Indebtedness, by any duly or legally constituted public authority, municipality, township, county or state or the United States, and shall deliver promptly to Mortgagee such upon request, will provide evidence of the payment thereof as Mortgagee may require. Notwithstanding the foregoingto Lender; provided that Borrower, Mortgagor shall not be required to pay any such taxesat Borrower's own cost and expense may, assessments, charges or other levies so long as Mortgagor if it shall in good faith, and at its cost and expensefaith so desire, contest the validity or amount or validity thereof, or take other appropriate action with respect theretoof any Impositions, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate which event Borrower may defer the payment thereof for such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee shall not be subjected to any claim, cost, liability or expense period as a result thereof, and (e) Mortgagor provides assurances satisfactory to Mortgagee (including, without limitation, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay such taxes, assessments, charges and other levies in the event Mortgagor is unsuccessful in its contest. Each such contest shall be promptly actively prosecuted to final conclusion or settlement, and Mortgagor shall indemnify and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which shall be leviedpending undetermined; further provided, assessed however, that Borrower shall not allow any such Impositions so contested to remain unpaid for such length of time as shall permit all or imposed any portion of the Mortgaged Property, or determined the lien thereon created by such item, to be payablesold by federal, together state, county or municipal authority for the nonpayment thereof. Pending any such contest, Borrower shall maintain adequate book reserves with all penaltiesrespect to such Impositions being contested. In the event that one or more of the Impositions on Lender's interest in the Mortgaged Property, finesthe Mortgage or the Indebtedness cannot be lawfully paid by Borrower, intereststhen the Mortgaged Property shall be withdrawn from the Collateral Pool (as such team is defined in the Loan Agreement). In the event the withdrawal of the Mortgaged Property from the Collateral Pool causes Borrower not to be in compliance with the required loan to value ratio under the Loan Agreement, costs and expenses Borrower may either furnish substitute property, as provided in connection therewiththe Loan Agreement, or pay down the Indebtedness in an amount which will bring the loan to value ratio into compliance.

Appears in 1 contract

Samples: And Security Agreement (Glimcher Realty Trust)

Taxes and Other Impositions. Mortgagor will payBorrower shall pay all of its current obligations before delinquent, including all federal, state and local taxes and all other payments required under federal, state, or local law and all other impositions. Without limitation of the foregoing, Borrower will cause to be paid, paid prior to delinquency all taxes, taxes and assessments and other charges heretofore or levies imposed upon hereafter levied or against or with respect to the Property or the ownership, use, occupancy or enjoyment of any portion thereof, or any utility service thereto, as the same become due and payable without premium or penalty, including but not limited to all real estate taxes assessed against the Property each Eligible Property, or any part thereof, and shall deliver promptly will furnish to Mortgagee Lender, on or before February 28th of each year, receipts showing payment of such evidence of taxes and assessments with respect to the payment thereof as Mortgagee preceding calendar year, provided that Borrower may require. Notwithstanding the foregoing, Mortgagor shall not be required to pay any such taxes, assessments, charges or other levies so long as Mortgagor shall in good faith, and at its cost and expenseby appropriate proceedings, contest the amount or validity thereofvalidity, applicability, or take other appropriate action with respect theretoamount of any asserted tax or assessment, in good faith and in an appropriate manner or by appropriate proceedings; provided that (a) Mortgagor notifies Mortgagee in advance that Mortgagor intends to initiate pending such proceedings, (b) such proceedings operate to prevent the collection of, or other realization upon, the taxes, assessments, charges or other levies so contested, (c) there will be no sale, forfeiture or loss of the Property during the contest, (d) Mortgagee contest Borrower shall not be subjected deemed in default hereunder if (i) Borrower shall diligently prosecute such contest in a manner not prejudicial to any claimthe rights, costliens and security interests of Lender; (ii) prior to delinquency of the asserted tax or assessment Borrower furnishes Lender with an indemnity secured by a deposit in cash or other security reasonably acceptable to Lender, liability or expense as an indemnity bond with a result thereofsurety acceptable to Lender, in the amount of the tax or assessment being contested by Borrower plus a reasonable additional sum to pay all costs, interests and penalties which may be imposed or incurred in connection therewith; (iii) Borrower pays to Lender promptly after demand therefor all costs and expenses incurred by Lender in connection with such contest; and (eiv) Mortgagor provides assurances satisfactory Borrower promptly causes to Mortgagee (includingbe paid any amount adjudged by a court of competent jurisdiction to be due, without limitationwith all costs, the establishment of an appropriate reserve account with Mortgagee) of its ability to pay penalties and interest thereon, promptly after such taxesjudgment becomes final and non-appealable; provided, assessmentshowever, charges and other levies that in the any event Mortgagor is unsuccessful in its contest. Each each such contest shall be promptly prosecuted to final conclusion or settlementconcluded, and Mortgagor shall indemnify the tax, assessment, penalties, interest and save Mortgagee harmless against all claims, cost, liability or expense as a result thereof or in connection therewith. Promptly after the settlement or conclusion of such contest or action, Mortgagor shall pay and discharge the amounts which costs shall be leviedpaid, assessed prior to the date any writ or imposed order is issued under which any Eligible Property or determined to any part thereof may be payablesold. To the extent there is conflict between this paragraph and the provisions of any of the other Loan Documents, together with all penalties, fines, interests, costs and expenses in connection therewith.this Section shall control;

Appears in 1 contract

Samples: Loan Agreement (Hartman Commercial Properties Reit)

Time is Money Join Law Insider Premium to draft better contracts faster.