Common use of Deposits for Impositions and Insurance Clause in Contracts

Deposits for Impositions and Insurance. Upon notice from Agent (which notice shall not be given unless an Event of Default exists), Borrower shall deposit with Agent on the first day of each month an amount equal to one-twelfth of (i) the aggregate annual payments for the Impositions, and (ii) the annual insurance premiums on the policies of insurance required to be obtained and kept in force by Borrower under this Mortgage. In addition, upon notice from Agent (which notice shall not be given unless an Event of Default exists), Borrower shall deposit with Agent such sum of money which, together with such monthly installments, shall be sufficient to pay all the Impositions and insurance premiums at least 30 days prior to the due date thereof. If the amounts of any Impositions are not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amounts of the Impositions for the prior tax year and, upon the amounts of the Impositions being fixed for the then current year, Borrower shall, upon notice from Agent, deposit any deficiency with Agent. If the amount of the insurance premiums is not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amount of the insurance premiums for the prior year of the policy or policies, and, upon the amount of the insurance premiums being fixed for the then current year of the policy or policies, Borrower shall, upon notice from Agent, deposit any deficiency with Agent. If on a date 30 days prior to the due date for the payment of any of the Impositions or the insurance premiums there shall be insufficient funds on deposit with Agent to pay the same, Borrower shall, upon notice from Agent, forthwith make a deposit with Agent in the amount of such deficiency. The funds so deposited with Agent shall be held by Agent without interest, and may be commingled with other funds of Agent, and provided that an Event of Default exists, such funds shall be applied in payment of the Impositions and insurance premiums when due to the extent that Borrower shall have deposited funds with Agent for such purpose. If an Event of Default exists, the funds deposited with Agent may, at the option of Agent, be retained and applied toward the payment of any or all of the Obligations, but no such application shall be deemed to have been made by operation of law or otherwise until actually made by Agent. Borrower shall furnish Agent with a xxxx for each of the Impositions and insurance premiums and such other documents necessary for their payment at least 30 days prior to the date they first become due. Upon an assignment of this Mortgage prior to any default hereunder by Borrower, Agent shall have the right and obligation to pay over the balance of such deposits in its possession to the assignee, and thereupon Agent shall be completely released from all liability with respect to such deposits and Borrower shall look solely to the assignee in reference thereto. The provisions of the preceding sentence shall apply to each and every assignment or transfer of such deposits to a new assignee.

Deposits for Impositions and Insurance. Upon notice from Agent (which notice shall not be given unless Notwithstanding anything to the contrary contained in any of the Loan Documents, upon the occurrence of an Event of Default exists)Default, Borrower shall Mortgagee may require Mortgagor to deposit with Agent Mortgagee on the first day of each month an amount equal to one-one twelfth (1/12th) of the sum of (collectively, the “Annual Payments”); (i) the aggregate annual payments for the Impositions, and ; (ii) the annual insurance premiums on the policies of insurance required to be obtained and kept in force by Borrower Mortgagor under this Mortgage; and (iii) all other periodic charges (other than interest and principal under the Note) arising out of the ownership of the Property or any portion thereof which are or with notice or the passage of time or both will become a lien against the Property or any part thereof. In addition, upon notice demand by Mortgagee at any time and from Agent (which notice shall not be given unless an Event of Default exists)time to time, Borrower Mortgagor shall deposit with Agent Mortgagee such sum of money which, together with such monthly installments, shall be sufficient to pay all of the Impositions and insurance premiums Annual Payments at least 30 forty-five (45) days prior to the due date thereof. If the amounts amount of any Impositions of the Annual Payments are not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amounts of the Impositions for the prior tax year andMortgagee’s estimate thereof, upon the amounts of the Impositions being fixed for the then current year, Borrower shall, upon notice which Mortgagee may change from Agent, deposit any deficiency with Agent. If the amount of the insurance premiums is not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amount of the insurance premiums for the prior year of the policy or policies, and, upon the amount of the insurance premiums being fixed for the then current year of the policy or policies, Borrower shall, upon notice from Agent, deposit any deficiency with Agent. If on a date 30 days prior to the due date for the payment of any of the Impositions or the insurance premiums there shall be insufficient funds on deposit with Agent to pay the same, Borrower shall, upon notice from Agent, forthwith make a deposit with Agent in the amount of such deficiencytime. The funds so deposited with Agent shall be held by Agent without interestMortgagee shall, and may be commingled with other funds of Agent, and provided that an Event of no Default existsshall have occurred under this Mortgage, such funds shall be applied in payment of all of the Impositions and insurance premiums Annual Payments when due to the extent that Borrower Mortgagor shall have deposited funds with Agent Mortgagee for such purpose. If an Event In the event of any Default exists, the funds deposited with Agent Mortgagee may, at the option of AgentMortgagee, be retained and applied toward the payment of any or all of the Obligations, in such order of priority as Mortgagee shall determine, but no such application shall be deemed to have been made by operation of law or otherwise until actually made by AgentMortgagee. Borrower The whole of the Obligations shall become due and payable at the option of Mortgagee after the failure of Mortgagor to deliver payment of any of such deposits or after the failure of Mortgagor to deliver to Mortgagee, within ten (10) days after request by Mortgagee, a statement certified by an authorized officer of Mortgagor, specifying the current amounts of all of the Annual Payments. At any time when deposits are required to be made under this Section 2.9, Mortgagor shall furnish Agent Mortgagee with a xxxx for each of the Impositions and insurance premiums and Annual Payments and/or such other documents necessary for their payment at least 30 forty-five (45) days prior to the date they first become due. Upon an assignment of this Mortgage prior to any default hereunder by BorrowerMortgage, Agent Mortgagee shall have the right and obligation to pay over the balance of such deposits in its possession which have not been applied to the Obligations to the assignee, and thereupon Agent Mortgagee shall be completely released from all liability with respect to such deposits and Borrower Mortgagor shall look solely to the assignee in reference thereto. The provisions of the preceding sentence shall apply to each and every assignment or transfer of such deposits to a new assignee. Mortgagee agrees not to exercise its rights under this Section provided that no Default has occurred and provided that Mortgagor has at all times fully, faithfully and timely complied with all of the provisions of Sections 2.5 and 2.6 of this Article. Nothing contained herein shall be deemed to extend the maturity date for the Loan established in the Note.

Deposits for Impositions and Insurance. Upon notice from Agent Lender (which notice shall not be given unless an Event of Default existshas occurred), Borrower Mortgagor shall deposit with Agent Lender on the first day of each month an amount equal to one-twelfth (1/12th) of (i) the aggregate annual payments for the Impositions, and (ii) the annual insurance premiums on the policies of insurance required to be obtained and kept in force by Borrower Mortgagor under this Leasehold Mortgage. In addition, upon notice from Agent Lender (which notice shall not be given unless an Event of Default existshas occurred), Borrower Mortgagor shall deposit with Agent Lender such sum of money which, together with such monthly installments, shall be sufficient to pay all the Impositions and insurance premiums at least 30 thirty (30) days prior to the due date thereof. If the amounts of any Impositions are not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amounts of the Impositions for the prior tax year and, upon the amounts of the Impositions being fixed for the then current year, Borrower Mortgagor shall, upon notice from AgentLender, deposit any deficiency with AgentLender. If the amount of the insurance premiums is not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amount of the insurance premiums for the prior year of the policy or policies, and, upon the amount of the insurance premiums being fixed for the then current year of the policy or policies, Borrower Mortgagor shall, upon notice from AgentLender, deposit any deficiency with AgentLender. If on a date 30 thirty (30) days prior to the due date for the payment of any of the Impositions or the insurance premiums there shall be insufficient funds on deposit with Agent Lender to pay the same, Borrower Mortgagor shall, upon notice from AgentLender, forthwith make a deposit with Agent Lender in the amount of such deficiency. The funds so deposited with Agent Lender shall be held by Agent Lender without interest, and may be commingled with other funds of AgentLender, and provided that an Event of Default existshas not occurred, such funds shall be applied in payment of the Impositions and insurance premiums when due to the extent that Borrower Mortgagor shall have deposited funds with Agent Lender for such purpose. If Upon the occurrence of an Event of Default existsDefault, the funds deposited with Agent Lender may, at the option of AgentLender, be retained and applied toward the payment of any or all of the Obligations, but no such application shall be deemed to have been made by operation of law or otherwise until actually made by AgentLender. Borrower Mortgagor shall furnish Agent Lender with a xxxx for each of the Impositions and insurance premiums and such other documents necessary for their payment at least 30 thirty (30) days prior to the date they first become due. Upon an assignment of this Leasehold Mortgage prior to any default hereunder by BorrowerMortgagor, Agent Lender shall have the right and obligation to pay over the balance of such deposits in its possession to the assignee, and thereupon Agent Lender shall be completely released from all liability with respect to such deposits and Borrower Mortgagor shall look solely to the assignee in reference thereto. The provisions of the preceding sentence shall apply to each and every assignment or transfer of such deposits to a new assignee.

Deposits for Impositions and Insurance. Upon After the occurrence and continuance of one or more Defaults, then upon notice from Agent (which notice shall not be given unless an Event of Default exists)Mortgagee, Borrower Mortgagor shall deposit with Agent Mortgagee on the first day of each month an amount equal to one-twelfth l/12th of (i) the aggregate annual payments for (i) the Impositions, and (ii) the annual insurance premiums on the policies of insurance required to be obtained and kept in force by Borrower Mortgagor under this Mortgage. In addition, upon notice from Agent (which notice shall not be given unless an Event of Default exists)Mortgagee, Borrower Mortgagor shall deposit with Agent Mortgagee such sum of money which, together with such monthly installments, shall be sufficient to pay all the Impositions and insurance premiums at least 30 days prior to the due date thereof. If the amounts of any Impositions are not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amounts of the Impositions for the prior tax year and, upon the amounts of the Impositions being fixed for the then current year, Borrower Mortgagor shall, upon notice from AgentMortgagee, deposit any deficiency with AgentMortgagee. If the amount amounts of the any insurance premiums is are not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amount of the insurance premiums for the prior year of the policy or policies, and, and upon the amount of the insurance premiums being fixed for the then current year of the policy or policies, Borrower Mortgagor shall, upon notice from AgentMortgagee, deposit any deficiency with AgentMortgagee. If If, on a date 30 days prior to the due date date, there shall be insufficient funds on deposit with Mortgagee for the payment of any of the Impositions or the insurance premiums there shall be insufficient funds on deposit with Agent to pay the samepremiums, Borrower Mortgagor shall, upon notice from Agentdemand of Mortgagee, forthwith make a deposit with Agent in the amount of such deficiencydeficiency with Mortgagee. The funds so deposited with Agent Mortgagee shall constitute additional collateral for the Indebtedness, shall be held by Agent without it at interest, and may and, shall not be commingled with other funds of AgentMortgagee, and provided that an Event Mortgagor shall not be in Default in the performance of Default existsany of the covenants and agreements of Mortgagor under the Loan Documents, such funds or under any instrument collateral to this Mortgage, which shall be applied in payment of the Impositions and insurance premiums when due to the extent that Borrower Mortgagor shall have deposited funds with Agent Mortgagee for such purpose. If an Event In the event of any Default existsby Mortgagor under this Mortgage, or any default by Mortgagor under any of the other Loan Documents or any instrument collateral thereto, the funds deposited with Agent Mortgagee may, at the option of AgentMortgagee, be retained and applied toward the payment of any or all of the ObligationsIndebtedness, in such order of priority as is provided in the Security Documents, but no such application shall be deemed to have been made by operation of law or otherwise until actually made by AgentMortgagee. Borrower Mortgagor shall furnish Agent Mortgagee with a xxxx for each of the Impositions and insurance premiums and and/or such other documents necessary for their payment its payment, if available, at least 30 days prior to the date they it first become becomes due. Upon an assignment of this Mortgage prior to any default hereunder by BorrowerMortgage, Agent Mortgagee shall have the right and obligation to pay over the balance of such deposits in its possession to the assignee, and thereupon Agent upon the making of such payment Mortgagee shall be completely released from all liability with respect to such deposits and Borrower Mortgagor shall look solely to the assignee in reference with respect thereto. The provisions of the preceding sentence shall apply to each and every assignment or transfer of such deposits to a new assignee.

Deposits for Impositions and Insurance. Upon notice from Agent the Noteholder (which notice shall not be given unless an Event of Default existshas occurred and if the mortgagee under the First Mortgage has not exercised similar rights under the First Mortgage), Borrower Mortgagor shall deposit with Agent the Noteholder on the first day of each month an amount equal to one-twelfth (1/12th) of (i) the aggregate annual payments for the Impositions, and (ii) the annual insurance premiums on the policies of insurance required to be obtained and kept in force by Borrower Mortgagor under this Leasehold Mortgage. In addition, upon notice from Agent the Noteholder (which notice shall not be given unless an Event of Default existshas occurred and if the mortgagee under the First Mortgage has not exercised similar rights under the First Mortgage), Borrower Mortgagor shall deposit with Agent the Noteholder such sum of money which, together with such monthly installments, shall be sufficient to pay all the Impositions and insurance premiums at least 30 thirty (30) days prior to the due date thereof. If the amounts of any Impositions are not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amounts of the Impositions for the prior tax year and, upon the amounts of the Impositions being fixed for the then current year, Borrower Mortgagor shall, upon notice from Agentthe Noteholder, deposit any deficiency with Agentthe Noteholder. If the amount of the insurance premiums is not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amount of the insurance premiums for the prior year of the policy or policies, and, upon the amount of the insurance premiums being fixed for the then current year of the policy or policies, Borrower Mortgagor shall, upon notice from Agentthe Noteholder and if the mortgagee under the First Mortgage has not exercised similar rights under the First Mortgage, deposit any deficiency with Agentthe Noteholder. If on a date 30 thirty (30) days prior to the due date for the payment of any of the Impositions or the insurance premiums there shall be insufficient funds on deposit with Agent the Noteholder to pay the same, Borrower Mortgagor shall, upon notice from Agentthe Noteholder, forthwith make a deposit with Agent the Noteholder in the amount of such deficiency. The funds so deposited with Agent the Noteholder shall be held by Agent the Noteholder without interest, and may be commingled with other funds of Agentthe Noteholder, and provided that an Event of Default existshas not occurred, such funds shall be applied in payment of the Impositions and insurance premiums when due to the extent that Borrower Mortgagor shall have deposited funds with Agent the Noteholder for such purpose. If Upon the occurrence of an Event of Default existsDefault, the funds deposited with Agent the Noteholder may, at the option of Agentthe Noteholder, be retained and applied toward the payment of any or all of the Obligations, but no such application shall be deemed to have been made by operation of law or otherwise until actually made by Agentthe Noteholder. Borrower Mortgagor shall furnish Agent the Noteholder with a xxxx for each of the Impositions and insurance premiums and such other documents necessary for their payment at least 30 thirty (30) days prior to the date they first become due. Upon an assignment of this Leasehold Mortgage prior to any default hereunder by BorrowerMortgagor, Agent the Noteholder shall have the right and obligation to pay over the balance of such deposits in its possession to the assignee, and thereupon Agent the Noteholder shall be completely released from all liability with respect to such deposits and Borrower Mortgagor shall look solely to the assignee in reference thereto. The provisions of the preceding sentence shall apply to each and every assignment or transfer of such deposits to a new assignee.

Deposits for Impositions and Insurance. Upon After the occurrence of one or -------------------------------------- more Events of Default, then upon notice from Agent (which notice shall not be given unless an Event of Default exists)Mortgagee, Borrower Lessee shall deposit with Agent Mortgagee or its designee on the first day of each month an amount equal to one-twelfth 1/12th of (i) the aggregate annual payments for for: (a) the ImpositionsImpositions as reasonably estimated by Mortgagee, and (iib) the annual insurance premiums on the policies of insurance required to be obtained and kept in force by Borrower Lessee under this Mortgage. In addition, upon notice from Agent (which notice shall not be given unless an Event of Default exists)Mortgagee, Borrower Lessee shall deposit with Agent Mortgagee or its designee such sum of money which, together with such monthly installments, shall be sufficient to pay all the Impositions and insurance premiums at least 30 thirty (30) days prior to the due date thereof. If the amounts of any Impositions are not ascertainable at the time any deposit is required to be made, then the deposit shall be made on the basis of one hundred ten (110%) percent of the amounts of the Impositions for the prior tax year and, upon the amounts of the Impositions being fixed for the then current year, Borrower Lessee shall, upon notice from AgentMortgagee, deposit any deficiency with AgentMortgagee. If the amount amounts of the any insurance premiums is are not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of one hundred ten (110%) percent of the amount of the insurance premiums for the prior year of the policy or policies, and, and upon the amount of the insurance premiums being fixed for the then current year of the policy or policies, Borrower Lessee shall, upon notice from AgentMortgagee, deposit any deficiency with AgentMortgagee. If If, on a date 30 thirty (30) days prior to the due date date, there shall be insufficient funds on deposit with Mortgagee for the payment of any of the Impositions or the insurance premiums there shall be insufficient funds on deposit with Agent to pay the samepremiums, Borrower Lessee shall, upon notice from Agentdemand of Mortgagee, forthwith make a deposit with Agent in the amount of such deficiencydeficiency with Mortgagee. The funds so deposited with Agent Mortgagee shall be held by Agent it without interest, and and, unless prohibited by law, may be commingled with other funds of AgentMortgagee, and provided that an there shall be no Event of Default existsunder this Mortgage, or under any instrument collateral to this Mortgage, such funds shall be applied in payment of the Impositions and insurance premiums when due to the extent that Borrower Lessee shall have deposited funds with Agent Mortgagee for such purpose. If an In the event of any Event of Default existsby Mortgagor under this Mortgage, or any default by Mortgagor under any of the other Security Documents or any instrument collateral thereto, the funds deposited with Agent Mortgagee may, at the option of AgentMortgagee, be retained and applied toward the payment of any or all of the Mortgage Obligations, in such order of priority as Mortgagee shall determine, but no such application shall be deemed to have been made by operation of law or otherwise until actually made by AgentMortgagee. Borrower Lessee shall furnish Agent Mortgagee with a xxxx for each of the Impositions and insurance premiums and and/or such other documents necessary for their payment its payment, if available, at least 30 thirty (30) days prior to the date they it first become becomes due. Upon an assignment of this Mortgage prior to any default hereunder by BorrowerMortgage, Agent Mortgagee shall have the right and obligation to pay over or cause its designee to pay over the balance of such deposits in its possession to the assignee, and thereupon Agent upon the making of such payment Mortgagee shall be completely released from all liability with respect to such deposits and Borrower Lessee shall look solely to the assignee in reference with respect thereto. The provisions of the preceding sentence shall apply to each and every assignment or transfer of such deposits to a new assignee.

Deposits for Impositions and Insurance. Upon After the occurrence and continuance of one or more Defaults, then upon notice from Agent (which notice shall not be given unless an Event of Default exists)Mortgagee, Borrower Mortgagor shall deposit with Agent Mortgagee on the first day of each month an amount equal to one-twelfth l/12th of (i) the aggregate annual payments for (i) the Impositions, and (ii) the annual insurance premiums on the policies of insurance required to be obtained and kept in force by Borrower Mortgagor under this Mortgage. In addition, upon notice from Agent (which notice shall not be given unless an Event of Default exists)Mortgagee, Borrower Mortgagor shall deposit with Agent Mortgagee such sum of money which, together with such monthly installments, shall be sufficient to pay all the Impositions and insurance premiums at least 30 days prior to the due date thereof. If the amounts of any Impositions are not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amounts of the Impositions for the prior tax year and, upon the amounts of the Impositions being fixed for the then current year, Borrower Mortgagor shall, upon notice from AgentMortgagee, deposit any deficiency with AgentMortgagee. If the amount amounts of the any insurance premiums is are not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amount of the insurance premiums for the prior year of the policy or policies, and, and upon the amount of the insurance premiums being fixed for the then current year of the policy or policies, Borrower Mortgagor shall, upon notice from AgentMortgagee, deposit any deficiency with AgentMortgagee. If If, on a date 30 days prior to the due date date, there shall be insufficient funds on deposit with Mortgagee for the payment of any of the Impositions or the insurance premiums there shall be insufficient funds on deposit with Agent to pay the samepremiums, Borrower Mortgagor shall, upon notice from Agentdemand of Mortgagee, forthwith make a deposit with Agent in the amount of such deficiencydeficiency with Mortgagee. The funds so deposited with Agent Mortgagee shall constitute additional collateral for the Indebtedness, shall be held by Agent without it with interest, and may shall not be commingled with other funds of AgentMortgagee, and provided that an Event Mortgagor shall not be in Default in the performance of Default existsany of the covenants and agreements of Mortgagor under the Loan Documents, such funds or under any instrument collateral to this Mortgage, which shall be applied in payment of the Impositions and insurance premiums when due to the extent that Borrower Mortgagor shall have deposited funds with Agent Mortgagee for such purpose. If an Event In the event of any Default existsby Mortgagor under this Mortgage, or any default by Mortgagor under any of the other Loan Documents or any instrument collateral thereto, the funds deposited with Agent Mortgagee may, at the option of AgentMortgagee, be retained and applied toward the payment of any or all of the ObligationsIndebtedness, in such order of priority as is provided in the Collateral Documents, but no such application shall be deemed to have been made by operation of law or otherwise until actually made by AgentMortgagee. Borrower Mortgagor shall furnish Agent Mortgagee with a xxxx for each of the Impositions and insurance premiums and and/or such other documents necessary for their payment its payment, if available, at least 30 days prior to the date they it first become becomes due. Upon an assignment of this Mortgage prior to any default hereunder by BorrowerMortgage, Agent Mortgagee shall have the right and obligation to pay over the balance of such deposits in its possession to the assignee, and thereupon Agent upon the making of such payment Mortgagee and each Holder shall be completely released from all liability with respect to such deposits and Borrower Mortgagor shall look solely to the assignee in reference thereto. The provisions of the preceding sentence shall apply to each and every assignment or transfer of such deposits to a new assignee.with respect NY1-497038 EXECUTION

Deposits for Impositions and Insurance. Upon After the occurrence of one or more Defaults, then upon notice from Agent (which notice shall not be given unless an Event of Default exists)Mortgagee, Borrower Mortgagor shall deposit with Agent Mortgagee on the first day of each month an amount equal to one-twelfth 1/12th of (i) the aggregate annual payments for (i) the Impositions, and (ii) the annual insurance premiums on the policies of insurance required to be obtained and kept in force by Borrower Mortgagor under this Mortgage. In addition, upon notice from Agent (which notice shall not be given unless an Event of Default exists), Borrower shall deposit with Agent such sum of money which, together with such monthly installments, shall be sufficient to pay all the Impositions and insurance premiums at least 30 days prior to the due date thereof. If the amounts of any Impositions are not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amounts of the Impositions for the prior tax year and, upon the amounts of the Impositions being fixed for the then current year, Borrower Mortgagor shall, upon notice from AgentMortgagee, deposit any deficiency with AgentMortgagee or if there is an overpayment, Mortgagee shall remit to Mortgagor such amount. If the amount amounts of the any insurance premiums is are not ascertainable at the time any deposit is required to be made, the deposit shall be made on the basis of the amount of the insurance premiums for the prior year of the policy or policies, and, and upon the amount of the insurance premiums being fixed for the then current year of the policy or policies, Borrower Mortgagor shall, upon notice from AgentMortgagee, deposit any deficiency with AgentMortgagee. If If, on a date 30 days prior to the due date delinquency date, there shall be insufficient funds on deposit with Mortgagee for the payment of any of the Impositions or the insurance premiums there shall be insufficient funds on deposit with Agent to pay the samepremiums, Borrower Mortgagor shall, upon notice from Agentdemand of Mortgagee, forthwith make a deposit with Agent in the amount of such deficiencydeficiency with Mortgagee or if there is an overpayment, Mortgagee shall remit to Mortgagor such amount. The funds so deposited with Agent Mortgagee shall constitute additional collateral for the Indebtedness, shall be held by Agent it without interest, and and, unless prohibited by law, may be commingled with other funds of AgentMortgagee, and provided that an Event of Default exists, such funds shall be applied in payment of the Impositions and insurance premiums when due to the extent that Borrower Mortgagor shall have deposited funds with Agent Mortgagee for such purpose. If an Event In the event of any Default exists, the funds deposited with Agent Mortgagee may, at the option of AgentMortgagee, be retained and applied toward the payment of any or all of the ObligationsIndebtedness, in such order of priority as is provided in the Security Documents, but no such application shall be deemed to have been made by operation of law or otherwise until actually made by AgentMortgagee. Borrower Mortgagor shall furnish Agent Mortgagee with a xxxx for bill xxx each of the Impositions and insurance premiums and and/or such other documents necessary for their payment its payment, if available, at least 30 days prior to the date they it first become becomes due. Upon an assignment of this Mortgage prior to any default hereunder by BorrowerMortgage, Agent Mortgagee shall have the right and obligation to pay over the balance of such deposits in its possession to the assignee, and thereupon Agent upon the making of such payment Mortgagee and each Lender shall be completely released from all liability with respect to such deposits and Borrower and, provided such assignee has fully assumed all of Mortgagee's liabilities, Mortgagor shall look solely to the assignee in reference with respect thereto. The provisions of the preceding sentence shall apply to each and every assignment or transfer of such deposits to a new assignee.