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available upon ten (10) days advance written notice by~Liberty.
Time is of the essence of this paragraph. as it is of all other
paragraphs of this Agreement, and a breach in the time requirements
hereunder shall constitute a default hereunder.
(e) To make, or cause to be made, the escrow payments for real
estate taxes and hazard insurance premiums, in the manner and in
accordance with provisions of paragraph 18 of Said Mortgage.
(f ) Commencing on .r , ~c~,?~ :.i _ , 1979, and continuin on
the first day of each consecutive month thereafter, in addition to ~
all payments hereinabove required, Bears Nest agrees to place in ~
escrow an amount which represents 10$ of the net monthly income
.generated by the Property, after reduction of operating expenses
(but exclusive of any salaries to officers of Bears Nest or to
Costa). Said escrow payments shall continue on a monthly basis
until such time as the escrow fund contains an amount sufficient to
pay one months payments of principal, interest, taxes and insurance
as required under this Agreement and the original Note and Mortgage.
The escrowee shall be a bank or Savings and Loan Association accept-
able to Liberty. Such escrow fund shall be used by Bears Nest for
application to any sum payable under said Note or this Agreement,
and such escrow fund shall terminate upon payment of the Accrued
Sum. `
(g) The Property (inclusive of the fee, and the leasehold
interest, and all other personal property subject to the lien of
Said Mortgage and Security Agreement) shall not be sold, transferred,
encumbered, pledged or conveyed without the prior written approval
(which approval shall not be unreasonabl withh ld
of Liberty and the parties hereto expressly understand an~ a~ree
that any such conveyance transfer, encumbrance, or pledge without
Liberty's prior written approval shall constitute a default here-
under and under the Said Note and Mortgage.
(h) Concurrently with the execution hereof, Bears Nest will
S
pay all delinquent ad~~valorem real and personal property taxes on
the Property subject to the Mortgage and Security Agreement for all
years through 1978, provided, however, that Liberty shall apply the
sums presently held in escrow to the payment of the real property
taxes for the year 1978, and the excess, if any, to the delinquent
property taxes for the year 1977.
anoK 320 PAGE 645
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