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thereof; that this Mortgage is and will remain a valid and -
enforceable lien on the Mortgaged Property subject only to
the matters set forth in paragraph-46 hereof; that the
Mortgaged Property is free and discharged from all liens,
encumbrances, and claims of any kind, including taxes and
assessments, except for-current ad valorem taxes not yet due
and payable and the matters set forth in Paragraph 46 hereof;
and that the Mortgagor hereby fully warrants unto the Mort-
gagee the title to -the Mortgaged Property and will defend _
the same against the lawful claims and demands of-all per-
sons whomsoever.
NOW, THEREFORE, the condition of-this Mortgage is such
that if the Mortgagor shall well and truly pay unto the
Mortgagee, the- indebtedness evidenced by the Promissory, -
Notes made by the Mortgagor and payable to the Mortgagee in
the aggregate principal sum of $3,400,000.00, together with ~ 4
interest as therein stated and all other sums of money
secured _hereby as hereinafter provided and shall perform,-
-comply-with and abide by each and every of the stipulations,
agreements, conditions and covenants contained and set forth j
in this Mortgage: the Promissory Notes-and all other instru- _
ments executed in connection with or as security for the
Promissory Notes, including those two certain Construction_ !
Loan Agreements (hereinafter collectively called the "Con-
struction Loan Agreements") of even date herewith executed
by Mortgagor and the Alabama Venture; respectively, as "Bor- -
rower" and the Mortgagee hereunder as "Lender", then this
Mortgage and the estate hereby created shall cease and be -
null and void. -
AND the--Mortgagor does hereby covenant and agree:
-1. That the Mortgagor will pay all sums due Mortgagee '
at the-time and in the manner provided under the Promissory
Note or any instrument evidencing a future advance or any
II other instrument evidencing indebtedness secured hereby.-
~ 2. The Mortgagor from time to time before the same
shall become due will pay acid discharge all taxes of every
kind and nature (including real and personal property taxes
and income, franchise, withholding,. profits and gross re-
ceipts taxes), all general and special assessments, levies,
-permits, inspection and license fees, all water and sewer
rents and charges, and all other public charges whether of a
like or different nature, imposed upon or assessed against _
it or the Mortgaged Property or any part thereof or upon the
revenues rents, issues, income and profits of-the Mortgaged
Property or arising in respect of the occupancy, use or
possession thereof. The Mortgagor will, upon the request of -
the Mortgagee, deliver to the Mortgagee receipts evidencing -
the payment of all such taxes, assessments, levies, fees,
rents and other public charges imposed upon or assessed
against it or- the Mortgaged Property or the revenues, rents,
issues, income or profits thereof.
However, Mortgagor shall not be deemed to be in default
under this Mortgage if Mortgagor is in good faith contesting
any tax or assessment by appropriate legal proceedings and
has either paid such tax or assessment-under protest, or has )
kept deposited with Mortgagee or First Lien Mortgagee an ~
amount sufficient to-pay such contested tax or assessment
and penalties and interest accruing thereon-and stay the
foreclosure or enforcement of any liens securing such taxes
or assessments during the pendency of such contest. Upon
the final determination-of such contest, Mortgagor shall -
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