Common use of ASSESSMENT AND TAX ADVANCE Clause in Contracts

ASSESSMENT AND TAX ADVANCE. As taxes and assessments become due on the Leased Premises, Lessor shall be, and hereby is, authorized to advance to itself automatically from the proceeds of the Development Financing, the total amount of such taxes and assessments and the same shall be deemed to be an advance of the proceeds of the Development Financing under this Agreement in the same manner and with the same effect as if advances under the provisions above, if not previously paid before due pursuant to Lessee's obligations under the Lease. Lessor shall give Lessee prompt written notice of any such advance or withdrawal.