Financial- Stoel Rives LLP - Laserfiche WebLink

Home Browse Search

1. PAYMENT AND PERFORMANCE Mortgagor shall pay to Mortgagee promptly when due all amounts payment of which is secured by this Mortgage and shall strictly perform all obligations imposed upon Mortgagor by this Mortgage and the Agreement. 2. POSSESSION AND MAINTENANCE OF THE PROPERTY 2.1 Possession. Until in default, Mortgagor shall remain in possession and control of and operate and manage the Property. 2.2 Dutv to Maintain. Mortgagor shall maintain the Property in good condition and perform all repairs and maintenance reasonably necessary to preserve its value, subject to ardinary wear and tear. 2.3 Nuisance. Waste. Mortgagor shall not conduct or permit any nuisance and shall not commit or suffer any strip or waste on the Property. 2.4 Dutv to Protect. Mortgagor shall do all other acts, in addition to those set forth in this Mortgage, that from the character and use of the Property are reasonably necessary to protect and preserve the security. 3. TAXES AND LIENS 3.1 Pa ment. Mortgagor shall pay when due all taxes and assessments, if any, levied against or on account of the Mortgagor's interest in the Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Property. Mortgagor shall maintain the Property free of any liens having priority over or equal to the interest of Mortgagee under this Mortgage, except as otherwise provided in Section 3.2. 32 Ri~ht to Contest. Morfgagor may withhold payment of any tax, assessment or claim, if any, in connection with a good faith dispute over obligation to pay, so long as Mortgagee's interest in the Property is not jeopardized. If the Property is subjected to a lien which is not discharged within 60 days, Mortgagor shall deposit with Mortgagee cash, a sufficient corporate surety bond or other security satisfactory to Mortgagee in an amount sufficient to discharge the lien plus any interest, costs, attorneys' fees or other charges that could accrue as a result of foreclosure or sale under the lien. In any contest proceedings, Mortgagor will defend itself and Mortgagee and will name Mortgagee as an additional obligee under any surety bond, and Mortgagor shall satisfy any final adverse judgment before enforcement against the Property. 3.3 Evidence of Pa ir~ient. Mortgagor shall promptly furnish evidence of payment of taxes and assessments, if any, to Mortgagee on its demand and shall authorize the appropriate county official to deliver to Mortgagee at any time a written statement of the taxes and assessments against the Property. MORTGAGE PAGE 3