Common use of Deferral of Collection of Any Imposition Reserve Deposits; Delivery of Receipts Clause in Contracts

Deferral of Collection of Any Imposition Reserve Deposits; Delivery of Receipts. If Funding Lender does not collect an Imposition Reserve Deposit with respect to an Imposition either marked “Deferred” in the Summary or pursuant to a separate written deferral by Funding Lender, then on or before the earlier of the date each such Imposition is due, or the date this Continuing Covenant Agreement requires each such Imposition to be paid, Borrower will provide Funding Lender with proof of payment of each such Imposition. Upon Notice to Borrower, Funding Lender may revoke its deferral and require Borrower to deposit with Funding Lender any or all of the Imposition Reserve Deposits listed in the Summary, regardless of whether any such item is marked “Deferred” (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Funding Lender of such payment, (iii) at any time during the existence of an Event of Default or (iv) upon Borrower entering into a Supplemental Loan. (f) through (j) are Reserved.

Deferral of Collection of Any Imposition Reserve Deposits; Delivery of Receipts. If Funding Lender does not collect an Imposition Reserve Deposit with respect to an Imposition either marked “Deferred” in the Summary or pursuant to a separate written deferral by Funding Lender, then on or before the earlier of the date each such Imposition is due, or the date this Continuing Covenant Loan Agreement requires each such Imposition to be paidpaid last day upon which such payment may be made without any penalty or fine being added, Borrower will provide Funding Lender with proof of payment of each such Imposition. Upon Notice to Borrower, Funding Lender may revoke its deferral and require Borrower to deposit with Funding Lender any or all of the Imposition Reserve Deposits listed in the Summary, regardless of whether any such item is marked “Deferred” (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Funding Lender of such payment, (iii) at any time during the existence of an Event of Default or (iv) upon Borrower entering into placement of a Supplemental Loan. (f) through (j) are ReservedLoan in accordance with Section 11.11.