HomeMy WebLinkAbout1621 ,
•
rent charges, excise levies, vault and other license or permit fees, city taxes, transit
taxes, levies and assessments of every kind which may have been or may hereafter be
charged, assessed, levied, confirmed, imposed upon, or grow or become due and payable
out of, or in respect to, or against, the Mortgaged Property, or any part thereof, or sny
appurtenance thereto, by any lawful authority, or which may become a lien thereon,
unless the same shall have been fully paid to Mortgagee as provided in Section 2.03 hereof
(all such taxes, water and sewer rent charges, excise levies, vault and other license or
permit fees, local taxes, transit taxes, levies and assessments, together with the utility
charges described below being hereinafter sometimes referred to as "Impositions", and
any of the same being hereinafter referred to as an "Imposition"). Mortgagor shall not
suffer, and shall promptly cause to be paid and discharged, any lien or charge whatso-
ever which by any present oc future law may be or become superior, or on a parity with
this Mortgage, either in lien or in distribution out of the proceeds of any judicial sale
of the Mortgaged Property, or any part thereof, including the attorneys' commission
for collection hereinafter provided for. Mortgagor will pay, when due, all charges for
utilities whether public or private, except those charges billed directly to any tenant
of all or part of the Mortgaged Property by the utility involved.
SECTION 2.02. If Mortgagor shall fa~1 to pay any taxes, assessments, levies,
charges or fees as required by Section 2.01 hereof in accordance with the provisions of
this Article 2, Mortgagee may at its option, but shall be under no obligation to do so,
pay such taxes, assessments, levies, charges or fees as required by Section 2.01 hereof
and Mortgagor will repay to Mortgagee on demand any amount so paid by Mortgagee,
with interest at the rate of fifteen percent (15916) per annum from the time of payment,
and the same shall be secured by this Mortgage.
SECTION 2.03. ff requested by Mortgagee, Mortgagor will pay to Mortgagee
contemporaneously with each monthly payment of interest, principal or principal and
interest a sum equal to one-twelfth (1/12th) of the real estate taxes, water rents, sewer
rents, special assessments and any other tax, assessment, lien, claim or encumbrance
which may at any time be or become a lien on the Mortgaged Property prior to, or on
a parity with, the lien of this Mortgage so as to enable Mortgagee to pay the same at
~ least thirty (30) days before they become due.
f No amounts so paid shall be deemed to be trust funds but may at the option
of Mortgagee be commingled with general funds of Mortgagee, and no interest shall be
payable thereon, If, pursuant to any provision of this Mortgage, the whole amount of
j the principal debt remaining or any installment of interest, principal or principal and
I interest becomes due and payable, Mortgagee shall have the right, at its election, to
i apply any amounts paid to Mortgagee under this Section 2.03 against all or any part of
the indebtedness secured by this Mortgage, any interest thereon or in payment of the
premiums or payments for which the amounts were paid. If the taxes, assessments, levies,
charges or fees required to be paid pursuant to Section 2.01 hereof shall exceed the estimate
therefor and the amounts paid under this Section 2.03, Mortgagor shall on demand forth-
with make good the deficiency. Mortgagor will furnish to Mortgagee tax bills in sufficient
time to enable Mortgagee to pay such taxes, assessments, levies, charges and fees, before
interest and penalties accrue thereon.
SECTION 2.04. Unless the same shall have been fully paid to Mortgagee
as provided in Section 2.03 hereof, Mortgagor, upon request of Mortgagee, will furnish
to Mortgagee within thirty (30) days after the date when any taxes, assessments, levies,
charges or fees required to be paid pursuant to Section 2.01 hereof would become delinquent,
official receipts of the appropriate taxing authority or other authority to which the charge
is payable, oar other evidence reasonably satisfactory to Mortgagee evidencing the payment
thereof.
SECTION 2.05. The certificate, advice o~r bill of the appropriate official
designated by law to make or issue the same or to receive payment of any Imposition,
of non-payment of such Imposition shall be prima facie evidence that such Imposition
is due and unpaid at the time of the making or issuance of such certificate, advice or
bill.
IIK
~~~K315 P~~E1s18