Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section (the “Accumulations Depositary”). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 of the annual Taxes and Assessments as determined by Lender or its designee. At least 20 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments. (b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower or credited against future payments of the Accumulations, at Lender’s election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 days of demand. At any time after an Event of Default occurs, the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretion. (c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender and the Accumulations Depositary. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon Lender’s demand at any time after an Event of Default. (d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations. (e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account with Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender and the Accumulations Depositary dated the date of this Mortgage. (f) Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this Mortgage, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s election, will be withheld. (g) If Lender assigns this Mortgage, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
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Accumulations. (a) Borrower Grantor made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, time to receive, hold and disburse the Accumulations in accordance with this Section (the “"ACCUMULATIONS DEPOSITORY") and in accordance with the Pledge and Security Agreement (the "Pledge and Security Agreement") to be entered into among Grantor, Lender and a pledge agent for the Accumulations Depositary”)Depository. On the first day of each calendar month during the Term Borrower Grantor will deposit with the Accumulations Depositary Depository an amount equal to 1/12 one-twelfth (1/12) of the annual Taxes and Assessments as determined by Lender or its designee. At least 20 30 days before each Imposition Penalty Date, Borrower Grantor will deliver to the Accumulations Depositary Depository any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower Grantor or credited against future payments of the Accumulations, at Lender’s 's election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower Grantor will pay Lender’s estimate of the deficiency to the Accumulations Depositary Depository within 10 5 days of demand. At any time after an Event of Default occurs, Lender may apply the Accumulations may be applied as a credit against any portion of the Debt Obligations selected by Lender in its sole discretion.
(c) The Accumulations Depositary Depository will hold the Accumulations as additional security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender and the Accumulations DepositaryDeed of Trust. If Lender is not the Accumulations DepositaryDepository, the Accumulations Depositary Depository will deliver the Accumulations to Lender upon Lender’s 's demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower Grantor to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower Grantor will have no further interest in the Accumulations.
(e) The Accumulations Depositary Depository has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account with in the name of Borrower, as pledged to the Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender the Pledge and the Accumulations Depositary dated the date of this MortgageSecurity Agreement.
(f) Lender has the right to pay, or to direct the Accumulations Depositary Depository to pay, any Taxes or Assessments unless Borrower Grantor is contesting the Taxes or Assessments in accordance with the provisions of this MortgageDeed of Trust, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s 's election, will be withheld.
(g) If Lender assigns this MortgageDeed of Trust, Lender will pay, or cause the Accumulations Depositary Depository to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary Depository will be released from all liability with respect to the Accumulations and Borrower Grantor will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretionGrantor.
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Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, time to receive, hold and disburse the Accumulations in accordance with this Section (the “Accumulations Depositary”). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 one-eleventh (1/11) of the annual Taxes and Assessments as determined by Lender or its designeedesignee based upon the last ascertainable tax xxxx, unless otherwise provided in an agreement among Borrower, Lender and Accumulations Depository. At least 20 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower or credited against future payments of the Accumulations, at Lender’s election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 5 days of demand. At any time after an Event of Default occurs, Lender may apply the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretion.
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender and the Accumulations DepositaryMortgage. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon Lender’s demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account with Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender and the Accumulations Depositary dated the date of this Mortgage.
(f) Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this Mortgage, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s election, will be withheld.
(g) If Lender assigns this Mortgage, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
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Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender Xxxxxx as LenderXxxxxx’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section (the “Accumulations Depositary”). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 of the annual Taxes and Assessments as determined by Lender or its designee. At least 20 45 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Prior to an Event of Default the Accumulations will be applied to the payment of Taxes and Assessments. From and after an Event of Default, Lender may apply the Accumulations to the balance of the Debt in such order as Lender determines. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower or credited against future payments of the Accumulations, at LenderXxxxxx’s election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 5 days of demand. At any time after an Event of Default occurs, the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretion.
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage Deed of Trust and any agreement among Borrower, Lender and the Accumulations Depositary. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon LenderXxxxxx’s demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account with Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender and the Accumulations Depositary dated the date of this MortgageDeed of Trust.
(f) Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this MortgageDeed of Trust, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s election, will be withheld.
(g) If Lender Xxxxxx assigns this MortgageDeed of Trust, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender Xxxxxx in its sole discretion.
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Accumulations. (a) Borrower Grantor made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, time to receive, hold and disburse the Accumulations in accordance with this Section (the “ACCUMULATIONS DEPOSITORY”) and in accordance with the Pledge and Security Agreement (the “Pledge and Security Agreement”) to be entered into among Grantor, Lender and a pledge agent for the Accumulations Depositary”)Depository. On the first day of each calendar month during the Term Borrower Grantor will deposit with the Accumulations Depositary Depository an amount equal to 1/12 one-twelfth (1/12) of the annual Taxes and Assessments as determined by Lender or its designee. At least 20 30 days before each Imposition Penalty Date, Borrower Grantor will deliver to the Accumulations Depositary Depository any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower Grantor or credited against future payments of the Accumulations, at Lender’s election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower Grantor will pay Lender’s estimate of the deficiency to the Accumulations Depositary Depository within 10 5 days of demand. At any time after an Event of Default occurs, Lender may apply the Accumulations may be applied as a credit against any portion of the Debt Obligations selected by Lender in its sole discretion.
(c) The Accumulations Depositary Depository will hold the Accumulations as additional security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender and the Accumulations DepositaryDeed of Trust. If Lender is not the Accumulations DepositaryDepository, the Accumulations Depositary Depository will deliver the Accumulations to Lender upon Lender’s demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower Grantor to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower Grantor will have no further interest in the Accumulations.
(e) The Accumulations Depositary Depository has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account with in the name of Borrower, as pledged to the Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender the Pledge and the Accumulations Depositary dated the date of this MortgageSecurity Agreement.
(f) Lender has the right to pay, or to direct the Accumulations Depositary Depository to pay, any Taxes or Assessments unless Borrower Grantor is contesting the Taxes or Assessments in accordance with the provisions of this MortgageDeed of Trust, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s election, will be withheld.
(g) If Lender assigns this MortgageDeed of Trust, Lender will pay, or cause the Accumulations Depositary Depository to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary Depository will be released from all liability with respect to the Accumulations and Borrower Grantor will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretionGrantor.
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Accumulations. (a) In accordance with the Tax Pledge, unless waived under Section 5.2(h) below, Borrower made will make an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section the Tax Pledge (the “Accumulations Depositary”). On the first day of each calendar month during the Term thereafter, unless waived under Section 5.2(h), Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 1/12th of the annual Taxes and Assessments as determined by Lender or its designeeagent. At Except as otherwise required by the Tax Pledge, at least 20 thirty (30) days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower or credited against future payments of the AccumulationsAccumulations (and reduce future payments accordingly), at Lender’s election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, except as otherwise required by the Tax Pledge, Borrower will shall promptly pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 days of demand. At (and in any time after an Event of Default occursevent, not less than ten (10) Business Days prior to the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretionImposition Penalty Date).
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender Loan Agreement and the Accumulations DepositaryTax Pledge. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon Lender’s demand at any time after the occurrence and during the continuation of an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations.
(e) The Upon receipt of the Accumulations, the Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits such funds into a separate interest bearing an account with a financial institution selected by Lender, which funds may be commingled with other funds controlled by Lender denominated as secured partyor Lender’s agent, all in accordance with an agreement among Borrower, Lender and the Accumulations Depositary dated the date of this MortgageTax Pledge.
(f) Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this MortgageLoan Agreement, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, following a Trigger Event (as defined below) and until a new waiver of tax escrows is permitted under Section 5.2(h) below), at Lender’s election, will election may be withheld.
(g) If Lender assigns this MortgageLoan Agreement and the other Loan Documents, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations for all periods after such payments is made, and Borrower will look solely to the assignee with respect to the AccumulationsAccumulations for all periods thereafter. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after when an Event of Default occursexists, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
(h) Notwithstanding the foregoing provisions of this Section 5.2, the requirement for Borrower to escrow for Taxes shall be waived and such waiver shall remain in effect provided that (i) no Event of Default has occurred and is continuing, and (ii) the Property maintains an aggregate Debt Service Coverage of not less than 1.
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Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, time to receive, hold and disburse the Accumulations in accordance with this Section (the “Accumulations Depositary”"ACCUMULATIONS DEPOSITARY"). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 one-twelfth (1/12) of the annual Taxes and Assessments as determined pursuant to Section 3 of the Real Estate Tax Escrow and Security Agreement executed by Borrower, Lender or its designeeand Xxxxxxx Financial Services LLC (the "TAX AGREEMENT") relating to the Property. At least 20 45 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Subject to the provisions contained below in this Section 6.2(b), Lender will direct the Accumulations will be applied Depository to apply the Accumulations to the payment of Taxes and Assessments. Any Lender will cause any excess Accumulations after payment of Taxes and Assessments will to be returned to Borrower or credited against future payments of the Accumulations, at Lender’s 's election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 5 days of demand. At any time anytime after an Event of Default occurs, Lender may apply the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretion, and such application shall not relieve Borrower to pay Impositions in a timely manner.
(c) The Accumulations Depositary will hold the Accumulations as additional security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender and the Accumulations DepositaryMortgage. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon Lender’s 's demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account with in the name of Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender the Tax Agreement. Interest shall accrue and be credited upon such deposits in accordance with the Accumulations Depositary dated provisions of the date of this MortgageTax Agreement.
(f) Lender has the right to pay, or to shall direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this Mortgage, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s 's election, will be withheld.
(g) If Lender assigns this Mortgage, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender lender and the Accumulations Depositary will be released from all future liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to future Accumulations, provided that Lender and Accumulations Depositary shall also be released from liability with respect to all Accumulations to the Accumulationsextent that Lender's assignee assumes in writing the obligations of Lender and the Accumulations Depositary with respect thereto. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
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Samples: Open End Leasehold Mortgage (Life Time Fitness Inc)
Accumulations. (a) Borrower made an initial deposit shall make deposits for annual Taxes and Assessments with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as LenderXxxxxx’s agent or otherwise such that Lender is the “"customer”", as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section and the Real Estate Tax Pledge and Security Agreement (the “"Accumulations Depositary”"). On the first day of each calendar month From time to time during the Term Term, at least forty-five (45) days prior to any Imposition Penalty Date for Taxes and Assessments, Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 the full amount of the annual Taxes and Assessments which are the subject of the Imposition Penalty Date as determined by Lender or its designee. At least 20 45 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the subject Taxes and Assessments.
(b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower or credited against future payments of the Accumulations, at LenderXxxxxx’s election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 5 days of demand. At any time after an Event of Default occurs, the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretion.
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage Deed of Trust, the Real Estate Tax Pledge and Security Agreement, and any agreement other Agreement among Borrower, Lender and the Accumulations Depositary. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon LenderXxxxxx’s demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited Borrower waives all right to demand, receive or collect any interest or other return on the initial deposit Accumulations, except as required by Law and will deposit pursuant to the monthly deposits into a separate interest bearing account Real Estate Tax Pledge and Security Agreement, and which may be commingled with Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender and other monies held by the Accumulations Depositary dated the date of this Mortgageand will not be held in trust.
(f) Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this MortgageDeed of Trust, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s election, will be withheld.
(g) If Lender Xxxxxx assigns this MortgageDeed of Trust, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender Xxxxxx in its sole discretion.
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Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, time to receive, hold and disburse the Accumulations in accordance with this Section (the “"Accumulations Depositary”"). On the first day of each calendar ------------------------ month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 one-twelfth (1/12) of the annual Taxes Impositions and Assessments Insurance Premiums as determined pursuant to Section 3 of the Real Estate Tax Escrow and Security Agreement executed by Borrower, Lender or its designeeand Tax Servicer (the "Tax Agreement"). At least 20 45 days before each Imposition Penalty Date, Borrower -------------- will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes Impositions and AssessmentsInsurance Premiums. Borrower shall pay any fees charged by the Accumulations Depositary in connection with collection and disbursement of Impositions and Insurance Premiums. Notwithstanding the foregoing, so long as Borrower is the owner of the Property and each of the properties identified in the Commitment (subject to Substitution in accordance with provisions set forth in Section 12.4 hereof and Permitted Transfers) and so long as no Event of Default exists Borrower shall not be required to make such monthly deposits of Insurance Premiums. Furthermore, subject to the foregoing conditions, Borrower shall not be required to make such deposits of funds for Impositions with respect to those portions of the Property that are subject to Leases ("Direct Tax Payment Leases") with third ------------------------- parties that are not Affiliates, to the extent that such Leases:
(i) require such third party tenants to make payments of Impositions directly to the relevant taxing authorities; and
(ii) have been approved by Lender in writing (or are not required to be approved by Lender) pursuant to the requirements of the Assignment. To the extent that Direct Tax Payment Leases demise less than all the space in the Property, Borrower shall be required to make deposits with the Accumulations Depositary for any balance of Impositions that Lender reasonably determines would be owing with respect to that portion of the Property not subject to Direct Tax Payment Leases. In the event that (a) the Accumulations Depositary notifies the Borrower and the Lender that, on two (2) separate occasions, a tenant under a Direct Tax Payment Lease has failed to make any payment of Impositions prior to the time that such payments become delinquent, or (b) if any such tenant is in monetary default under its Lease, or (c) if such Lease terminates, then Borrower shall promptly deposit with the Accumulations Depositary an initial deposit and Borrower shall thereafter make monthly deposits of funds in respect of such charges as required by Section 6.2(a) above.
(b) The Accumulations and deposits on account of Insurance Premiums (to the extent required to be deposited) will be applied to the payment of Taxes Impositions and AssessmentsInsurance Premiums. Any Except during the continuance of an Event of Default, any excess Accumulations or accrued deposits on account of Insurance Premiums after payment of Taxes Impositions and Assessments Insurance Premiums will be returned to Borrower or credited against future payments of the AccumulationsAccumulations and Insurance Premiums, at Lender’s 's election or as required by Law. If the Accumulations and accrued deposits on account of Insurance Premiums are not sufficient to pay Taxes Impositions and AssessmentsInsurance Premiums, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 5 days of demand. At any time after an Event of Default occurs, Lender may apply the Accumulations may be applied and accrued deposits on account of Insurance Premiums as a credit against any portion of the Debt selected by Lender in its sole discretion.
(c) The Accumulations Depositary will hold the Accumulations and accrued deposits on account of Insurance Premiums as additional security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender and the Accumulations DepositaryMortgage. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations and accrued deposits on account of Insurance Premiums to Lender upon Lender’s 's demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosureforeclosure and the Loan has not been paid in full, all right, title and interest of Borrower to the Accumulations and accrued deposits on account of Insurance Premiums will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the AccumulationsAccumulations and accrued deposits on account of Insurance Premiums.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account with in the name of Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender the Tax Agreement. Interest shall accrue and be credited upon such deposits in accordance with the Accumulations Depositary dated provisions of the date of this MortgageTax Agreement.
(f) Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes Impositions or Assessments Insurance Premiums unless Borrower is contesting the Taxes Impositions or Assessments in accordance with the provisions of this Mortgage, in which event any payment of the contested Taxes or Assessments Impositions will be made under protest in the manner prescribed by Law or, at Lender’s 's election, will be withheld.
(g) If Lender assigns this Mortgage, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations and accrued deposits on account of Insurance Premiums to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and accrued deposits on account of Insurance Premiums and Borrower will look solely to the assignee with respect to the AccumulationsAccumulations and accrued deposits on account of Insurance Premiums. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations and accrued deposits on account of Insurance Premiums will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
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Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, time to receive, hold and disburse the Accumulations in accordance with this Section (the “Accumulations Depositary”). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 one-twelfth (1/12) of the annual Taxes and Assessments as determined by Lender or its designeedesignee based upon the last ascertainable tax bill, unless otherwise provided in an agreement among Borrower, Lender and Accumulations Depository. At least 20 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower or credited against future payments of the Accumulations, at LenderXxxxxx’s election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 5 days of demand. At any time after an Event of Default occurs, Lender may apply the Accumulations may be applied as a credit against any portion of the Debt selected by Lender Xxxxxx in its sole discretion.
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender and the Accumulations DepositaryMortgage. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon LenderXxxxxx’s demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account with Lender Leader denominated as secured party, all in accordance with an agreement among Borrower, Lender and the Accumulations Depositary dated the date of this Mortgage.
(f) Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this Mortgage, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at LenderXxxxxx’s election, will be withheld.
(g) If Lender assigns this Mortgage, . Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
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Accumulations. (a) Borrower Grantor made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, time to receive, hold and disburse the Accumulations in accordance with this Section (the “"Accumulations Depositary”)Depository") and in accordance with the Pledge and Security Agreement (the "Pledge and Security Agreement") to be entered into among Grantor, Lender and a pledge agent for the Accumulations Depository. On the first day of each calendar month during the Term Borrower Grantor will deposit with the Accumulations Depositary Depository an amount equal to 1/12 one-twelfth (1/12) of the annual Taxes and Assessments as determined by Lender or its designee. At least 20 30 days before each Imposition Penalty Date, Borrower Grantor will deliver to the Accumulations Depositary Depository any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower Grantor or credited against future payments of the Accumulations, at Lender’s 's election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower Grantor will pay Lender’s estimate of the deficiency to the Accumulations Depositary Depository within 10 5 days of demand. At any time after an Event of Default occurs, Lender may apply the Accumulations may be applied as a credit against any portion of the Debt Obligations selected by Lender in its sole discretion.
(c) The Accumulations Depositary Depository will hold the Accumulations as additional security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender and the Accumulations DepositaryDeed of Trust. If Lender is not the Accumulations DepositaryDepository, the Accumulations Depositary Depository will deliver the Accumulations to Lender upon Lender’s 's demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower Grantor to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower Grantor will have no further interest in the Accumulations.
(e) The Accumulations Depositary Depository has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account with in the name of Borrower, as pledged to the Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender the Pledge and the Accumulations Depositary dated the date of this MortgageSecurity Agreement.
(f) Lender has the right to pay, or to direct the Accumulations Depositary Depository to pay, any Taxes or Assessments unless Borrower Grantor is contesting the Taxes or Assessments in accordance with the provisions of this MortgageDeed of Trust, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s 's election, will be withheld.
(g) If Lender assigns this MortgageDeed of Trust, Lender will pay, or cause the Accumulations Depositary Depository to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary Depository will be released from all liability with respect to the Accumulations and Borrower Grantor will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretionGrantor.
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Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is time (the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the "Accumulations are deposited, Depositary") to receive, hold and disburse the ------------------------ Accumulations in accordance with this Section and a Real Estate Tax Escrow and Security Agreement and Notice to Depositary of Security Interest of even date herewith (the “Accumulations Depositary”"Impound Agreement"). On the first day Business Day of each calendar ----------------- month during commencing on the Term date specified in Section 1(a)(i) of the Related Note, Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 one- twelfth of the annual Taxes and Assessments as determined by Lender or its designee. At least 20 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments, and will do so sufficiently in advance of the Imposition Penalty Date that the payments will be made timely as required by this Deed of Trust. Borrower will deliver to Lender copies of all bills for Taxes and/or Assessments within 30 days of Borrower's receipt thereof.
(b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments and not applied by Lender to the Debt will be returned to Borrower or credited against future payments of remain on deposit with the Accumulations, at Lender’s election or as required by LawAccumulations Depositary. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 5 days of demand. At any time after an Event of Default occurs, the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretiondemand therefor.
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender Deed of Trust and the Accumulations DepositaryImpound Agreement. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon Lender’s 's demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section Section, and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the any monthly deposits into a separate interest bearing account with Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender and the Accumulations Depositary dated the date of this MortgageImpound Agreement.
(f) At any time after an Event of Default has occurred, Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this MortgageDeed of Trust, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s 's election, will be withheld.
(g) If Lender assigns this MortgageDeed of Trust, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
Appears in 1 contract
Samples: Deed of Trust (Kilroy Realty Corp)
Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s 's agent or otherwise such that Lender is the “"customer”", as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section (the “"Accumulations Depositary”"). The initial Accumulations Depositary is identified in the Tax Agreement. On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 1/12th of the annual Taxes and Assessments as determined by Lender or its designee. At least 20 30 days before each Imposition Penalty Date, or as soon thereafter as received by Borrower, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower or credited against future payments of the Accumulations, at Lender’s 's election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 5 days of demand. At any time after an Event of Default occurs, Lender may apply the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretion.
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage Deed of Trust and any agreement among Borrower, Lender and the Accumulations Depositary. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon Lender’s 's demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account with in the name of the Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender and the Accumulations Depositary dated the date of this MortgageTax Agreement.
(f) Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this MortgageDeed of Trust, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s 's election, will be withheld.
(g) If Lender assigns this MortgageDeed of Trust, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assigneeassignee in accordance with the Tax Agreement. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
Appears in 1 contract
Accumulations. (a) In accordance with the Tax Pledge, Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section the Tax Pledge (the “Accumulations Depositary”). On the first day of each calendar month during the Term Term, Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 1/12th of the annual Taxes and Assessments as determined by Lender or its designeeagent. At Except as otherwise required by the Tax Pledge, at least 20 thirty (30) days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower or credited against future payments of the Accumulations, at Lender’s election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, except as otherwise required by the Tax Pledge, Borrower will shall promptly pay Lender’s estimate of the deficiency to the Accumulations Depositary within (any in any event, not less than 10 days of demand. At any time after an Event of Default occurs, Business Days prior to the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretionImposition Penalty Date).
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender and the Accumulations DepositaryTax Pledge. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon Lender’s demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into an account with a financial institution selected by Lender, which funds may be held in either a separate interest bearing account with Lender denominated as secured partyor commingled account, all in accordance with an agreement among Borrowerthe Tax Pledge. If Lender is the Accumulations Depositary, Lender and the Accumulations Depositary dated the date of this Mortgage.shall have no obligation to pay interest on such Accumulations. TIAA Authorization ID # AAA-7346; TIAA Inv. ID # 000553801 Polaris Fashion Place Mortgage 15239260v.7
(f) Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this Mortgage, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s election, will be withheld.
(g) If Lender assigns this Mortgage, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
Appears in 1 contract
Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, time to receive, hold and disburse the Accumulations in accordance with this Section Section. (the “Accumulations Depositary”"ACCUMULATIONS DEPOSITARY"). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 one-twelfth (1/12) of the annual Taxes and Assessments as determined pursuant to Section 3 of the Real Estate Tax Escrow and Security Agreement executed by Borrower, Lender or its designeeand Xxxxxxx Financial Services, Ltd. (the "TAX AGREEMENT") relating to the Property. At least 20 45 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Subject to the provisions contained below in this Section 6.2(b), Lender will direct the Accumulations will be applied Depository to apply the Accumulations to the payment of Taxes and Assessments. Any Lender will cause any excess Accumulations after payment of Taxes and Assessments will to be returned to Borrower or credited against future payments of the Accumulations, at Lender’s 's election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 5 days of demand. At any time after an Event of Default occurs, Lender may apply the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretion, and such application shall not relieve Borrower to pay Impositions in a timely manner.
(c) The Accumulations Depositary will hold the Accumulations as additional security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender and the Accumulations DepositaryMortgage. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon Lender’s 's demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into a separate interest bearing account with in the name of Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender the Tax Agreement. Interest shall accrue and be credited upon such deposits in accordance with the Accumulations Depositary dated provisions of the date of this MortgageTax Agreement.
(f) Lender has the right to pay, or to shall direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this Mortgage, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s 's election, will be withheld.
(g) If Lender assigns this Mortgage, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all future liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to future Accumulations, provided that Lender and Accumulations Depositary shall also be released from liability with respect to all Accumulations to the Accumulationsextent that Lender's assignee assumes in writing the obligations of Lender and the Accumulations Depositary with respect thereto. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
Appears in 1 contract
Accumulations. (a) Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s 's agent or otherwise such that Lender is the “"customer”", as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account and/or securities account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section (the “Accumulations Depositary”"ACCUMULATIONS DEPOSITARY"). On the first day of each calendar month during the Term Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 one-twelfth (1/12th) of the annual Taxes and Assessments as determined by Lender or its designee. At least 20 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary Depositary, promptly upon receipt, any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Subject to all of the other provisions of this SECTION 6.2, the Accumulations will be applied to the payment of Taxes and Assessments. Any Assessments and any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower or credited against future payments of the Accumulations, at Lender’s 's election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 days promptly upon receipt of demand. At notice thereof (and in any time after an Event event not less than ten (10) Business Days prior to the date when any penalty or interest for the nonpayment of Default occurs, the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretionsuch Taxes and Assessments would attach).
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage Deed of Trust and any agreement among Borrower, Lender and the Accumulations Depositary. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon Lender’s 's demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited Borrower waives all right to demand, receive or collect any interest or other return on the initial deposit Accumulations, which will not be held in trust and which, except as required by Law or as otherwise agreed in that certain Real Estate Tax Pledge and Security Agreement of even date herewith, will deposit the monthly deposits into be held in a separate non-interest bearing account and may be commingled with Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender and other monies held by the Accumulations Depositary dated the date of this MortgageDepositary.
(f) Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this MortgageDeed of Trust, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s 's election, will be withheld.
(g) If Lender assigns this MortgageDeed of Trust, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, if the assignee assumes, with respect to the amounts so paid, Lender's obligations under that certain Real Estate Tax Pledge and Security Agreement of even date herewith, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
Appears in 1 contract
Accumulations. (a) In accordance with the Tax Pledge, Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section the Tax Pledge (the “Accumulations Depositary”). On the first day of each calendar month during the Term Term, Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 1/12th of the annual Taxes and Assessments as determined by Lender or its designeeagent. At Except as otherwise required by the Tax Pledge, at least 20 thirty (30) days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.. TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950 University Park Village Deed of Trust 15398858v.6 / 73828-000098
(b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments will be returned to Borrower or credited against future payments of the Accumulations, at Lender’s election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, except as otherwise required by the Tax Pledge, Borrower will shall promptly pay Lender’s estimate of the deficiency to the Accumulations Depositary within (any in any event, not less than 10 days of demand. At any time after an Event of Default occurs, Business Days prior to the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretionImposition Penalty Date).
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender Deed of Trust and the Accumulations DepositaryTax Pledge. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon Lender’s demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into an account with a financial institution selected by Lender, which funds may be held in either a separate interest bearing account with Lender denominated as secured partyor commingled account, all in accordance with an agreement among Borrowerthe Tax Pledge. If Lender is the Accumulations Depositary, Lender and the Accumulations Depositary dated the date of this Mortgageshall have no obligation to pay interest on such Accumulations.
(f) Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this MortgageDeed of Trust, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s election, will be withheld.
(g) If Lender assigns this MortgageDeed of Trust, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
Appears in 1 contract
Accumulations. (a) Subject to subsection (h) below, in accordance with the Tax Pledge, Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender as Lender’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section the Tax Pledge (the “Accumulations Depositary”). On the first day of each calendar month during the Term Term, Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 1/12th of the annual Taxes and Assessments as reasonably determined by Lender or its designeeagent. At Except as otherwise required by the Tax Pledge, at least 20 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments.
(b) The Accumulations will be applied by Lender or its agent to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments by Lender or its agent will be returned to Borrower or credited against future payments the next installments of the AccumulationsAccumulations or Obligations coming due, at Lender’s election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessments, except as otherwise required by the Tax Pledge, Borrower will shall promptly pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 days of demand. At (any time after an Event of Default occursin any event, not less than ten (10) Business Days prior to the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretionImposition Penalty Date).
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender Loan Agreement and the Accumulations DepositaryTax Pledge. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon Lender’s demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, automatically be held for the account of the new owner, subject returned to the provisions of this Section and Borrower will have no further interest in the AccumulationsBorrower.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into an account with a financial institution selected by Lender, which funds may be held in either a separate interest bearing account with Lender denominated as secured partyor commingled account, all in accordance with an agreement among Borrowerthe Tax Pledge. If Lender is the Accumulations Depositary, Lender and the Accumulations Depositary dated the date of this Mortgageshall have no obligation to pay interest on such Accumulations.
(f) Lender has the right to shall pay, or to shall direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this MortgageLoan Agreement, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law or, at Lender’s election, will be withheld.
(g) If Lender assigns this MortgageLoan Agreement and the other Loan Documents, in accordance with the provisions of this Loan Agreement, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations Accumulations, except as the result of Lender’s gross negligence or willful misconduct, and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
(h) Notwithstanding the foregoing, the provisions of this Section 5.2, for Borrower to escrow for Taxes and Assessments are hereby waived. Borrower will provide paid Tax receipts upon Lender request. The waiver shall only be effective (x) so long as there is no Event of Default under the Loan Documents and (y) for so long as all Taxes and Assessments relating to the Property are paid timely and in full. In the event the waiver is no longer effective as aforesaid, the Tax Pledge will be required for the remainder of the Loan term.
Appears in 1 contract
Samples: Loan Agreement (Phillips Edison Grocery Center Reit I, Inc.)
Accumulations. (a) In accordance with the Tax Pledge, Borrower made an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to time, acting on behalf of Lender Xxxxxx as LenderXxxxxx’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section the Tax Pledge (the “Accumulations Depositary”). On the first day of each calendar month during the Term Term, Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 1/12th of the annual Real Estate Taxes and Assessments as determined by Lender or its designeeagent. At Except as otherwise required by the Tax Pledge, at least 20 30 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and AssessmentsReal Estate Taxes.
(b) The Accumulations will be applied to the payment of Taxes and Assessmentsthe Real Estate Taxes. Any excess Accumulations after payment of the Real Estate Taxes and Assessments will be returned to Borrower or credited against future payments of the Accumulations, at LenderXxxxxx’s election or as required by Law. If the Accumulations are not sufficient to pay Taxes and Assessmentsthe Real Estate Taxes, except as otherwise required by the Tax Pledge, Borrower will shall promptly pay Lender’s estimate of the deficiency to the Accumulations Depositary within (any in any event, not less than 10 days of demand. At any time after an Event of Default occurs, Business Days prior to the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretionImposition Penalty Date).
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender and the Accumulations DepositaryTax Pledge. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon LenderXxxxxx’s demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, all right, title and interest of Borrower to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the monthly deposits into an account with a financial institution selected by Lender, which funds may be held in either a separate interest bearing account with Lender denominated as secured partyor commingled account, all in accordance with an agreement among Borrowerthe Tax Pledge. If Lender is the Accumulations Depositary, Lender and the Accumulations Depositary dated the date of this Mortgageshall have no obligation to pay interest on such Accumulations.
(f) Lender has the right to pay, or to direct the Accumulations Depositary to pay, any Real Estate Taxes or Assessments unless Borrower is contesting the such Real Estate Taxes or Assessments in accordance with the provisions of this Mortgage, in which event any payment of the contested Real Estate Taxes or Assessments will be made under protest in the manner prescribed by Law or, at LenderXxxxxx’s election, will be withheld.
(g) If Lender assigns this Mortgage, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender Xxxxxx in its sole discretion.
Appears in 1 contract
Accumulations. (a) Borrower has made or shall make an initial deposit with either Lender or a mortgage servicer or financial institution designated or approved by Lender from time to timetime (Lender, or such mortgage servicer or financial institution, as applicable, the “Accumulations Depositary”), acting on behalf of Lender as LenderXxxxxx’s agent or otherwise such that Lender is the “customer”, as defined in the Uniform Commercial Code, of the depository bank with respect to the deposit account into which the Accumulations are deposited, to receive, hold and disburse the Accumulations in accordance with this Section and a Real Estate Tax Pledge and Security Agreement of even date herewith (the “Accumulations DepositaryImpound Agreement”). On the first day Business Day of each calendar month during commencing on the Term first date specified in Section 1(a)(i) of the Note, Borrower will deposit with the Accumulations Depositary an amount equal to 1/12 one-twelfth of the annual Taxes and Assessments as determined by Lender or its designee. At least 20 days before each Imposition Penalty Date, Borrower will deliver to the Accumulations Depositary any bills and other documents that are necessary to pay the Taxes and Assessments, and will do so sufficiently in advance of the Imposition Penalty Date that the payments will be made timely by the Accumulations Depositary as required by this Deed of Trust and the Impound Agreement. Borrower will deliver to Lender copies of all bills for Taxes and/or Assessments within 30 days of Borrower’s receipt thereof.
(b) The Accumulations will be applied to the payment of Taxes and Assessments. Any excess Accumulations after payment of Taxes and Assessments and not applied by Lender to the Debt will remain on deposit with the Accumulations Depositary, and will be returned taken into account by Lender in determining the amounts required to be deposited by Borrower or credited against future payments of with the Accumulations, at Lender’s election or as required by LawAccumulations Depositary pursuant to the Impound Agreement. If the Accumulations are not sufficient to pay Taxes and Assessments, Borrower will pay Lender’s estimate of the deficiency to the Accumulations Depositary within 10 days of demand. At any the time after an Event of Default occurs, periods specified in the Accumulations may be applied as a credit against any portion of the Debt selected by Lender in its sole discretionImpound Agreement.
(c) The Accumulations Depositary will hold the Accumulations as security for the Obligations until applied in accordance with the provisions of this Mortgage and any agreement among Borrower, Lender Deed of Trust and the Accumulations DepositaryImpound Agreement. If Lender is not the Accumulations Depositary, the Accumulations Depositary will deliver the Accumulations to Lender upon LenderXxxxxx’s demand at any time after an Event of Default.
(d) If the Property is sold or conveyed other than by foreclosure or transfer in lieu of foreclosure, and any portion of the indebtedness secured hereby remains outstanding after such sale or conveyance, then all right, title and interest of Borrower in and to the Accumulations will automatically, and without necessity of further assignment, be held for the account of the new owner, subject to the provisions of this Section Section, and Borrower will have no further interest in the Accumulations.
(e) The Accumulations Depositary has deposited the initial deposit and will deposit the any monthly deposits into a separate interest bearing account with Lender denominated as secured party, all in accordance with an agreement among Borrower, Lender and the Accumulations Depositary dated the date of this MortgageImpound Agreement.’
(f) Lender At any time after an Event of Default has occurred, Xxxxxx has the right to pay, or to direct the Accumulations Depositary to pay, any Taxes or Assessments unless Borrower is contesting the Taxes or Assessments in accordance with the provisions of this MortgageDeed of Trust, in which event any payment of the contested Taxes or Assessments will be made under protest in the manner prescribed by Law Xxx or, at LenderXxxxxx’s election, will be withheld.
(g) If Lender Xxxxxx assigns this MortgageDeed of Trust, Lender will pay, or cause the Accumulations Depositary to pay, the unapplied balance of the Accumulations to or at the direction of the assignee. Simultaneously with the payment, Lender and the Accumulations Depositary will be released from all liability with respect to the Accumulations and Borrower will look solely to the assignee with respect to the Accumulations. When the Obligations have been fully satisfied, any unapplied balance of the Accumulations will be returned to Borrower. At any time after an Event of Default occurs, Lender may apply the Accumulations as a credit against any portion of the Debt selected by Lender in its sole discretion.
Appears in 1 contract
Samples: Promissory Note (Kilroy Realty Corp)
