HomeMy WebLinkAbout1143 •
- i
f
Mortgagor shall have failed within a period of ten (10) days
after the giving of notice of such default to begin correcting
the non-monetary default, and to proceed diligently with
such efforts to correct such non-monetary default until it
shall be fully corrected within no more than ninety (90)
days after the giving of such notice; provided, however,
Mortgagee shall not be required to give any such notice or
to allow .any part of the grace period if Mortgagor shall
have filed a petition in bankruptcy or for reorganiza-
tion or a bill in equity or otherwise initiated proceedings
for the appointment of a receiver of Mortgagor's assets, or
if Mortgagor shall have made an assignment for the benefit
- of creditors, or if a receiver or trustee is appointed for ,
Mortgagor and such appointment and such receivership is not f
terminated within sixty (60) days. Notwithstanding anything
contained herein to the contrary, (i) Mortgagee shall not
be required to give any such notice or to allow any grace
period more than two (2) times in any twelve (t2) month
period with respect to substantially similar events of
default; and (ii)_Mortgagee shall be permitted to cure any
default by .Mortgagor without allowing any part of the grace
period if Mortgagee determines, in its reasonable judgment,
that its security may be threatened or impaired by reason
of such default, but in such event Mortgagee-shall give
notice to Mortgagor of the action taken to cure such default.
7. Corporate Existence and Taxes. If Mortgagor
or any entity comprising Mortgagor or any successor or grantee
'of Mortgagor is a corporation or partnership, it shall keep in
effect its existence and rights as a corporation or partner-
ship under the laws of the state of its incorporation or for-
mation and its right to own property and transact business in
the state in which the Mortgaged Property is situated during
the entire time that it has any ownership interest in the
Mortgaged Property. L~or all periods during which title to
the Mortgaged Property or any part thereof shall be held by
a corporation or association subject to corporate taxes or
taxes similar to corporate taxes, or by a partnership,re-
- quired to pay license or other fees or taxes, Mortgagor
shall file returns for such taxes or license or other fees
with the proper authorities, bureaus or departments and it
shall pay, when due and payable and before interest or
penalties are due thereon,. all taxes or license or other -
fees owing -by Mortgagor to the United States, to such state
of incorporation or formation and to the state in which the
Mortgaged Property is situated and any political subdivision
thereof, and shall produce to Mortgagee receipts showing
. payment of any and all such taxes, license or other fees,
' charges or assessments prior to the last dates upon which
such, taxes, license or other fees, charges or assessments -
are payable without interest or penalty charges, and within
ten (t0} days of receipt thereof all settlements, notices of '
- deficiency or overassessment and any other notices pertaining
to Mortgagor's tax liability, which may be issued by the
United States, such state of incorporation or formation, the
state in which the Mortgaged Property is situated and any
political subdivision thereof.
-7-
~~p f
g~~~?O PaGE~~43
x: -