17Payment of Utilities, Assessments, Charges, Etc Sample Clauses

17Payment of Utilities, Assessments, Charges, Etc. Borrower shall pay when due all utility charges which are incurred by Borrower or which may become a charge or lien against any portion of the Property for gas, electricity, water and sewer services furnished to the Land and/or the Improvements and all other assessments or charges of a similar nature, or assessments payable pursuant to any restrictive covenants, whether public or private, affecting the Land and/or the Improvements or any portion thereof, whether or not such assessments or charges are or may become liens thereon. Notwithstanding anything contained in any of the Loan Documents, Borrower hereby agrees that Borrower shall, at all times during the term of the loan evidenced by the Note and secured hereby, apply the gross revenues from the operation of the Property (including, without limitation, the Rents and Profits) to the payment (in the following order of priority) of the following: (i) first, to the payment for such utilities, suppliers, repair items and other Lender-approved operating expenses; (ii) second, to the Impound Reserve; (iii) third, to the payment of the Monthly Payment (as defined in the Note) then due under the Note, and any other amounts due under the Loan Documents; (iv) fourth, to the Payment Reserve in accordance with the terms and conditions of Section 1.7 above until such Payment Reserve equals two (2) Monthly Payments; (v) fifth, to the Replacement Reserve in accordance with the terms of Section 1.8 hereof; and (iv) sixth, the balance, if any, to Borrower and the constituent owners of Borrower.