Agenda Packets - 2018/12/10 - Laserfiche WebLink

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SECTION 1.2. MAINTENANCE; REPAIRS. Mortgagor shall keep and maintain the Mortgaged Property in good condition, subject to ordinary wear and tear, free from any waste or misuse, and will comply with all requirements of law, municipal ordinances and regulations, restrictions and covenants affecting the Mortgaged Property and its use. SECTION 1.3. PAYMENT OF TAXES AND ASSESSMENTS. Mortgagor shall, before any penalty attaches thereto, pay or cause to be paid all taxes, assessments and levies of every nature heretofore or hereafter assessed against the Mortgaged Property and upon demand will furnish receipted bills evidencing such payment. Nothing in this Section 1.3 shall require the payment or discharge of any obligations imposed upon Mortgagor by this Section so long as Mortgagor shall diligently and in good faith and at their own expense contest the same or the validity thereof by appropriate legal proceeding which shall operate to prevent the collection thereof or other realization thereon and the sale or forfeiture of the Mortgaged Property or any part thereof to satisfy the same; provided, however, that during such contest Mortgagor shall provide security assuring the discharge of Mortgagor’s obligation under this Section and of any additional charge, penalty or expense arising from or incurred as a result of such contest; and provided further, however, that if at any time payment of any obligation imposed upon Mortgagor by this Section shall become necessary to prevent the delivery of a tax deed conveying the Land or any portion thereof because of nonpayment, then Mortgagor shall pay the same in sufficient time to prevent the delivery of such tax deed. SECTION 1.4. LIENS. Except for liens and encumbrances, if any, listed on Exhibit B attached hereto or consented to in writing by or granted to the Mortgagee (“Permitted Encumbrances”), Mortgagor will keep the Mortgaged Property free from all liens (other than the liens hereof and liens for taxes, assessments not yet due and payable) and encumbrances of every nature whatsoever, including without limitation secondary or subsequent mortgage liens, heretofore or hereafter arising, Mortgagor will pay and procure the release of any such lien or encumbrances. Nothing in this Section 1.4 shall require the payment or discharge of any obligations imposed upon Mortgagor by this Section so long as Mortgagor shall diligently and in good faith and at its own expense contest the same or the validity thereof by appropriate legal proceeding which shall operate to prevent the collection thereof or other realization thereon and the sale or forfeiture of the Mortgaged Property or any part thereof to satisfy the same; provided, however, that during such contest Mortgagor shall, at the reasonable request of Mortgagee, provide security satisfactory to the Mortgagee, assuring the discharge of Mortgagor’s obligation under this Section and of any additional charge, penalty or expense arising from or incurred as a result of such contest; and provided further, however, that if at any time payment of any obligation imposed upon Mortgagor by this Section shall become necessary to prevent the delivery of a tax deed conveying the Land or any portion thereof because of nonpayment, or any other forfeiture or involuntary transfer of Mortgagor’s interest in any of the Mortgaged Property, then Mortgagor shall pay the same in sufficient time to prevent the delivery of such tax deed, forfeiture or involuntary transfer. SECTION 1.5. COMPLIANCE WITH LAW. Mortgagor will promptly comply with all present and future laws, ordinances, rules and regulations of any governmental authority