Additional Reserves. If there is a default or Event of Default hereunder, or if Lender deems it prudent to require additional Reserves during the term of the Loan, Lender shall have the right to require Borrower to deposit additional Reserves with Lender on each Payment Date. Borrower shall commence paying such additional Reserves on the next Payment Date. All such Reserves, and the rights and obligations of Lender and Borrower in connection therewith, shall be governed by this Article IV and the Reserve Agreement.
Appears in 4 contracts
Samples: Multifamily Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Wilshire Oil Co of Texas), Multifamily Mortgage, Security Agreement, Assignment of Rents and Fixture Filing (Wilshire Oil Co of Texas), Multifamily Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Wilshire Oil Co of Texas)
Additional Reserves. If there is a default or Event of Default hereunder, or if Lender deems it prudent to require reasonably determines that additional Reserves during are required to cover the term reasonably anticipated costs of the LoanTaxes and insurance premiums, Lender shall have the right to require Borrower to deposit additional Reserves with Lender on each Payment Date. Borrower shall commence paying such additional Reserves on the next Payment Date. All such Reserves, and the rights and obligations of Lender and Borrower in connection therewith, shall be governed by this Article IV and the Reserve Agreement.
Appears in 1 contract
