DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 15 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Shelter Properties v Limited Partnership), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Davidson Diversified Real Estate Ii Limited Partnership), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Shelter Properties v Limited Partnership)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 6 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (VMS National Properties Joint Venture), Multifamily Deed of Trust, Assignment of Rents and Security Agreement and Fixture Filing (Davidson Income Real Estate Lp), Multifamily Deed of Trust, Assignment of Rents and Security Agreement and Fixture Filing (Davidson Income Real Estate Lp)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 6 contracts

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Behringer Harvard Opportunity REIT II, Inc.), Multifamily Open End Mortgage, Assignment of Rents and Security Agreement (Behringer Harvard Multifamily Reit I Inc), Multifamily Mortgage, Assignment of Rents and Security Agreement (Maxus Realty Trust Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Xxxxxx. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Xxxxxx, in Xxxxxx's discretion, at any time upon notice to Xxxxxxxx. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender~~Xxxxxx's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 5 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement, Multifamily Deed of Trust, Assignment of Rents and Security Agreement, Multifamily Deed of Trust, Assignment of Rents and Security Agreement

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Xxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Xxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be ~~held~~ deposited in an ~~institution~~ Eligible Account at an Eligible Institution (which may be Lender, if Lender is such an institution) ~~whose deposits~~ or ~~accounts are insured or guaranteed~~ invested in “permitted investments” as then defined and required by ~~a federal agency~~the Rating Agencies. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Xxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, ~~Lender's~~ Xxxxxx’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Xxxxxx at ~~Lender's~~ Xxxxxx’s option by Notice to Borrower and the transferee(s) as a condition of ~~Lender's~~ Xxxxxx’s approval of such Transfer.

Appears in 5 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp), Multifamily Mortgage, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp), Multifamily Mortgage, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Xxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Xxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. ~~[Deferred~~[ Collect ] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, ~~[Deferred~~[ Collect ] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [[ N/AA ] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Xxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, ~~Lender's~~ Xxxxxx’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Xxxxxx at ~~Lender's~~ Xxxxxx’s option by Notice to Borrower and the transferee(s) as a condition of ~~Lender's~~ Xxxxxx’s approval of such Transfer.

Appears in 4 contracts

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Grubb & Ellis Apartment REIT, Inc.), Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Grubb & Ellis Apartment REIT, Inc.), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Grubb & Ellis Apartment REIT, Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [[ N/AA ] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 3 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Consolidated Capital Institutional Properties 3), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Consolidated Capital Institutional Properties 3), Multifamily Mortgage, Assignment of Rents and Security Agreement (National Property Investors Iii)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing~~ If requested by ~~Lender, which waiver may be contained in this Section 7(a)~~Lender but only if an Event of Default exists, Borrower shall deposit with Lender on the day monthly installments of principal or and/or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (i) to the extent applicable, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [Deferred] yearly water and sewer charges which may be levied on all or any part of the Mortgaged Property, (~~that could become a lien~~ ii) the premiums for fire and other hazard insurance, business interruption insurance and such other insurance as Lender may require under the Loan Agreement, (iii) the yearly Taxes, and (iv) amounts for other charges and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender’s interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Security Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Security Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being ~~added~~added plus one-sixth of such estimate. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying ~~Taxes~~property taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender’s discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. ~~As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents,~~ Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower’s obligations under this Security Instrument and ~~all proceeds of, and all interest and dividends on,~~ the ~~Imposition Deposits~~other Loan Documents. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under ~~Section 7(e~~subsection (e). (c) Following the occurrence of an Event of Default and during the continuance thereof, Borrower shall direct the applicable Governmental Authority to deliver the invoices and bills for all Impositions to Lender. If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 fifteen (15) days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the ~~Indebtedness~~Indebtedness or upon a waiver by Lender of an Event of Default or acceptance by Lender of a cure of an Event of Default, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 3 contracts

Samples: Mortgage and Security Agreement, Deed to Secure Debt and Security Agreement (CNL Healthcare Trust, Inc.), Mortgage and Security Agreement (CNL Healthcare Trust, Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The~~ all as reasonably estimated from time to time by Lendxx. Xxe amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender receives~~ Lendxx xxxeives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender shall~~ Lendxx xxxll pay the Imposition from the Imposition Deposits held by ~~Lender~~Lendxx. ~~Lender~~ Xxnder shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Lendxx. ~~Lender~~ Xxnder may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender for~~ Lendxx xxx payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lendxx, ~~the~~ xxe excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's discretion~~Lendxx'x xiscretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender shall~~ Lendxx xxxll refund to Borrower any Imposition Deposits held by ~~Lender~~Lendxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 3 contracts

Samples: Multifamily Note (American Retirement Villas Properties Ii), Multifamily Note (American Retirement Villas Properties Iii LTD Partnership), Multifamily Note (Arv Assisted Living Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [~~Deferred~~Collect] Hazard Insurance premiums or other insurance premiums required by Lender under Section ~~19,~~ 19 [~~Deferred~~Collect] ~~Taxes,~~ Taxes or payments in lieu of taxes (PILOT) [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), ) [N/A] ground ~~rents,~~ rents [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be ~~held~~ deposited in an ~~institution~~ Eligible Account at an Eligible Institution (which may be Lender, if Lender is such an institution) ~~whose deposits or accounts are insured or guaranteed~~ and shall be invested in “permitted investments” as then defined and required by ~~a federal agency~~the Rating Agencies. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 2 contracts

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Behringer Harvard Opportunity REIT II, Inc.), Multifamily Mortgage, Assignment of Rents and Security Agreement (Paladin Realty Income Properties Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section ~~19,~~ 19 [~~Deferred~~Collect] ~~Taxes,~~ Taxes [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), ) [N/A] ground ~~rents,~~ rents [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 2 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Emeritus Corp\wa\), Multifamily Mortgage, Assignment of Rents and Security Agreement (Emeritus Corp\wa\)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bill or invoice for an Imposition, Lender shall pay the ~~Imposition from~~ Impositiox xrom the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office ~~or insurance~~ xx xnsurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 2 contracts

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Maxus Realty Trust Inc), Multifamily Mortgage, Assignment of Rents and Security Agreement (Maxus Realty Trust Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be ~~held~~ deposited in an ~~institution~~ Eligible Account at an Eligible Institution (which may be Lender, if Lender is such an institution) ~~whose deposits~~ or ~~accounts are insured or guaranteed~~ invested in “permitted investments” as then defined and required by ~~a federal agency~~the Rating Agencies. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 2 contracts

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp), Multifamily Mortgage, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Xxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Xxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [~~Deferred~~Collect] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Xxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, ~~Lender's~~ Xxxxxx’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Xxxxxx at ~~Lender's~~ Xxxxxx’s option by Notice to Borrower and the transferee(s) as a condition of ~~Lender's~~ Xxxxxx’s approval of such Transfer.

Appears in 2 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Grubb & Ellis Apartment REIT, Inc.), Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Paladin Realty Income Properties Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition. (b)~~ obligation of Borrower for which Imposition Deposits ~~shall be held in an institution (which may be Lender, if~~ are required. Any waiver by Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the ~~Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the~~ requirement that Borrower remit Imposition Deposits to ~~pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires,~~ Lender ~~shall not~~ may be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held revoked by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time ~~during the existence of an Event of Default~~upon notice to Borrower. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 2 contracts

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (VMS National Properties Joint Venture), Multifamily Mortgage, Assignment of Rents and Security Agreement (VMS National Properties Joint Venture)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [[ N/AA ] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bill or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no ~~obligation~~ obxxxxtion to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, ~~statement~~ staxxxxnt or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition ~~Deposits~~ Deposxxx held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 2 contracts

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Angeles Income Properties LTD 6), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Angeles Income Properties LTD 6)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. ~~[Deferred]~~ Defer Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, ~~[Deferred]~~ Defer Taxes, ~~[Deferred]~~ Defer water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] A ground rents, ~~[Deferred]~~ Defer assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Century Properties Fund Xvii)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender’s interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender’s discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. ~~As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents,~~ Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower’s obligations under this Instrument and ~~all proceeds of, and all interest and dividends on,~~ the ~~Imposition Deposits~~other Loan Documents. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.office

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Maxus Realty Trust Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing~~ If requested by ~~Lender, which waiver may be contained in this Section 7(a)~~Lender but only if an Event of Default exists, Borrower shall deposit with Lender on the day monthly installments of principal or and/or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (i) to the extent applicable, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [Deferred] yearly water and sewer charges which may be levied on all or any part of the Mortgaged Property, (~~that could become a lien~~ ii) the premiums for fire and other hazard insurance, business interruption insurance and such other insurance as Lender may require under the Loan Agreement, (iii) the yearly Taxes, and (iv) amounts for other charges and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender’s interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to Synovus/CHT Acworth GA Owner, LLC 22996-41 in this Security Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Security Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being ~~added~~added plus one-sixth of such estimate. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying ~~Taxes~~property taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender’s discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. ~~As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents,~~ Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower’s obligations under this Security Instrument and ~~all proceeds of, and all interest and dividends on,~~ the ~~Imposition Deposits~~other Loan Documents. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under ~~Section 7(e~~subsection (e). (c) Following the occurrence of an Event of Default and during the continuance thereof, Borrower shall direct the applicable Governmental Authority to deliver the invoices and bills for all Impositions to Lender. If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 fifteen (15) days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the ~~Indebtedness~~Indebtedness or upon a waiver by Lender of an Event of Default or acceptance by Lender of a cure of an Event of Default, Lender shall refund to Borrower any Imposition Deposits held by Lender~~. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender~~. Synovus/CHT Acworth GA Owner, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.LLC 22996-41

Appears in 1 contract

Samples: Deed to Secure Debt and Security Agreement

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition (~~that could become a lien~~ 01-23-02) PN 340 RD Instruction 2000-OOO Exhibit A Page 54 of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Xxxxxx's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Xxxxxx, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Xxxxxx, in Xxxxxx's discretion, at any time upon notice to Xxxxxxxx. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender~~Xxxxxx's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Memorandum of Understanding

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "~~Imposition Deposits."~~ IMPOSITION DEPOSITS". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "~~Impositions."~~ IMPOSITIONS". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lendxx, xx Lendxx'x xiscretion, at any time upon notice to Borrxxxx. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender receives~~ Lendxx xxxeives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender shall~~ Lendxx xxxll pay the Imposition from the Imposition Deposits held by ~~Lender~~Lendxx. ~~Lender~~ Xxnder shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Lendxx. ~~Lender~~ Xxnder may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender for~~ Lendxx xxx payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lendxx, ~~the~~ xxe excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's discretion~~Lendxx'x xiscretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender shall~~ Lendxx xxxll refund to Borrower any Imposition Deposits held by ~~Lender~~Lendxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Note (Arv Assisted Living Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lendxx, xxus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "~~Imposition Deposits."~~ IMPOSITION DEPOSITS". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "~~Impositions."~~ IMPOSITIONS". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lendxx, xx Lendxx'x xiscretion, at any time upon notice to Borrxxxx. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Roberts Realty Investors Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Xxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Xxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [~~Deferred~~Collect] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be ~~held~~ deposited in an ~~institution~~ Eligible Account at an Eligible Institution (which may be Lender, if Lender is such an institution) ~~whose deposits~~ or ~~accounts are insured or guaranteed~~ invested in “permitted investments” as then defined and required by ~~a federal agency~~the Rating Agencies. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Xxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, ~~Lender's~~ Xxxxxx’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Xxxxxx at ~~Lender's~~ Xxxxxx’s option by Notice to Borrower and the transferee(s) as a condition of ~~Lender's~~ Xxxxxx’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Bluerock Enhanced Multifamily Trust, Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Xxxxxx, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "~~Imposition Deposits."~~ IMPOSITION DEPOSITS". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "~~Impositions."~~ IMPOSITIONS". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Xxxxxx, in Xxxxxx's discretion, at any time upon notice to Xxxxxxxx. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender~~Xxxxxx's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Roberts Realty Investors Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "~~Imposition Deposits."~~ IMPOSITION DEPOSITS". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "~~Impositions."~~ IMPOSITIONS". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bill or invoice for an ~~Imposition~~Impositiox, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate ~~from the~~ frox xxe appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or ~~into~~ ixxx the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Vinings Investment Properties Trust/Ga)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [~~N/A~~NA] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Paladin Realty Income Properties Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Xxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Xxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender~~Xxxxxx's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, ~~Lender~~Xxxxxx's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Xxxxxx at ~~Lender~~Xxxxxx's option by Notice to Borrower and the transferee(s) as a condition of ~~Lender~~Xxxxxx's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Steadfast Income REIT, Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender’s interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ”. The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ”. The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Xxxxxx, in Xxxxxx’s discretion, at any time upon notice to Xxxxxxxx. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. ~~As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents,~~ Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower’s obligations under this Instrument and ~~all proceeds of, and all interest and dividends on,~~ the ~~Imposition Deposits~~other Borrower Documents. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Xxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (America First Apartment Investors Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section ~~19,~~ 19 [~~Deferred~~Collect] ~~Taxes,~~ Taxes [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), ) [N/A] ground ~~rents,~~ rents [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Emeritus Corp\wa\)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Xxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Xxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Xxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, ~~Lender's~~ Xxxxxx’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Xxxxxx at ~~Lender's~~ Xxxxxx’s option by Notice to Borrower and the transferee(s) as a condition of ~~Lender's~~ Xxxxxx’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Century Properties Fund Xiv)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "~~Imposition Deposits."~~ IMPOSITION DEPOSITS". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "~~Impositions."~~ IMPOSITIONS". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust (Cornerstone Realty Income Trust Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "~~Imposition Deposits."~~ IMPOSITION DEPOSITS". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "~~Impositions."~~ IMPOSITIONS". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from ~~the~~ xxx appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or ~~into the~~ inxx xhe validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Vinings Investment Properties Trust/Ga)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by ~~Lender~~ Leader for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bill or invoice for an ~~Imposition~~Imxxxxtion, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or ~~estimate~~ estimaxx from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or xx into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Deed of Trust (Maxus Realty Trust Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust XXXXXX XXX MULTIFAMILY SECURITY INSTRUMENT Form 4028 (NEBRASKA) 4/98 funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Capital Senior Living Corp)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [~~Deferred~~Collect] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement and Fixture Filing (Cornerstone Healthcare Plus Reit, Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [~~Deferred~~Collect] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer. 2. Section 19(b) of the Security Instrument is deleted in its entirety and the following substituted in its place:

Appears in 1 contract

Samples: Assumption Agreement (Maxus Realty Trust Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Xxxxxx's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Xxxxxx, plus one- sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Xxxxxx, in Xxxxxx's discretion, at any time upon notice to Xxxxxxxx. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender~~Xxxxxx's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Memorandum of Understanding

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Xxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender~~Xxxxxx's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring ~~Lender~~Xxxxxx's approval under Section 21, ~~Lender~~Xxxxxx's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at ~~Lender~~Xxxxxx's option by Notice to Borrower and the transferee(s) as a condition of ~~Lender~~Xxxxxx's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement and Fixture Filing (Century Properties Fund Xvii)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. ~~(a) Unless this requirement is~~ a. Except as otherwise provided in the RRDP Permanent Loan Documents, unless waived ~~in writing~~ by Permanent Lender~~, which waiver may be contained in this Section 7(a)~~, Borrower shall deposit with Permanent Lender on the day ~~monthly~~ installments of principal or interest, or both, are due under the RRDP Note (or on another day designated in writing by Permanent Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Permanent Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Permanent Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes; (4) replacement reserves in the amount of $ N/A per month, ~~[Deferred] water~~ or $ N/A during the first year of operation of the Project; and ~~sewer~~ (5) amounts for other charges ~~(that could become a lien~~ and expenses which Permanent Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Permanent Lender’s interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Permanent Lender. The amounts deposited under the preceding sentence are collectively referred to in this ~~Instrument~~ RRDP Mortgage as the "“Imposition Deposits." ”. The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this ~~Instrument~~ RRDP Mortgage as "“Impositions." ”. The amount of the Imposition Deposits shall be sufficient to enable Permanent Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Permanent Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Permanent Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Permanent Lender of the requirement that Borrower remit Imposition Deposits to Permanent Lender may be revoked by Permanent Lender, in Permanent Lender’s discretion, at any time upon notice to Borrower. ~~(b)~~ b. Imposition Deposits shall be held in an institution ~~(which may be Lender, if Lender is such an institution)~~ whose deposits or accounts are insured or guaranteed by a federal agency. Permanent Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Permanent Lender shall apply the Imposition Deposits to pay Impositions and Repairs so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Permanent Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. ~~As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents,~~ Borrower hereby pledges and grants to Permanent Lender a security interest in the Imposition Deposits as additional security for all of Borrower’s obligations under this RRDP Mortgage and ~~all proceeds of, and all interest and dividends on,~~ the ~~Imposition Deposits~~other Loan Documents. Any amounts deposited with Permanent Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Permanent Lender for that purpose under Section 7(e). ~~(c)~~ c. If Permanent Lender receives a ~~xxxx~~ bill or invoice for an Imposition, Permanent Lender shall pay the Imposition from the Imposition Deposits held by Permanent Lender. Permanent Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Permanent Lender. Permanent Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. ~~(d)~~ d. If at any time the amount of the Imposition Deposits held by Permanent Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Permanent Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Permanent Lender for payment of a specific Imposition is less than the amount reasonably estimated by Permanent Lender to be necessary, Borrower shall pay to Permanent Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Permanent Lender. ~~(e)~~ e. If an Event of Default has occurred and is continuing, Permanent Lender may apply any Imposition Deposits, in any amounts and in any order as Permanent Lender determines, in Permanent Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Permanent Lender shall refund to Borrower any Imposition Deposits held by Permanent Lender. ~~(f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred"~~ f. The replacement reserves set forth in Section ~~7(a~~7(a)(4) (“Replacement Reserves”) shall be used for the payment of costs and expenses incurred by Borrower in connection with fixtures, furniture and equipment, capital improvements, repairs and replacements performed at the Mortgaged Property, including but not limited to, the performance of work to the roofs, chimneys, gutters, downspouts, paving, curbs, ramps, driveways, balconies, porches, patios, exterior walls, exterior doors and doorways, windows, carpets, appliances, fixtures, elevators, and mechanical and HVAC equipment and the replacement of furnishings, fixtures and equipment in the rooms, hallways, lobbies, restaurants, lounges, meeting or ~~pursuant~~ banquet rooms, parking facilities and other public areas accessible by the public or tenants for regular use, and such other items as Permanent Lender may approve from time to time in its reasonable discretion (collectively, the “Repairs”) Commencing on the first month in which the Mortgaged Property is placed in service, and continuing thereafter or the 1st of each month during the 1st year of the Mortgaged Property’s operation, Borrower shall pay to Permanent Lender a ~~separate written waiver by Lender~~deposit to the reserve in an amount of $ N/A . So long as no Event of Default has occurred and is continuing and no circumstance exists, ~~then on or before~~ which with the ~~date each such Imposition is due~~giving of notice, or ~~on the date this Instrument requires each such Imposition to be paid~~passage of time, ~~Borrower must provide Lender with proof~~ or both, would constitute an Event of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to BorrowerDefault, (i) if all sums in the Replacement Reserve shall be held by Permanent Lender in the Replacement Reserve to pay and/or reimburse Borrower ~~does not timely pay any~~ for the costs and expenses of ~~the Impositions~~Repairs, and (ii) ~~if Borrower fails to provide timely proof to~~ Permanent Lender shall, so long as no Event of ~~such payment~~Default has occurred and is continuing and no circumstance exists, which with the giving of notice, or ~~(iii) at any time during the existence~~ passage of time, or both, would constitute an Event of Default., and to the extent funds are available for such purpose in the Replacement Reserve, disburse to Borrower the amount paid or incurred by Borrower in performing such Repairs within ten (10) days following: (ga) In the ~~event~~ receipt by Permanent Lender of a ~~Transfer prohibited~~ written request from Borrower for disbursement from the Replacement Reserve and a certification by Borrower to Permanent Lender that the applicable item of Repair has been completed; (b) the delivery to Permanent Lender of invoices, receipts or ~~requiring Lender's approval under Section 21~~other evidence verifying the cost of performing the Repairs; and (c) for disbursement requests (i) in excess of $10,000.00 with respect to any single Repair, ~~Lender's waiver~~ or (ii) for any single Repair that is structural in nature, delivery to Permanent Lender of (1) affidavits, lien waivers or other evidence reasonably satisfactory to Permanent Lender showing that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished materials or labor to the Mortgaged Property have been paid all amounts due for labor and materials furnished to the Mortgaged Property; (2) a certification from an inspecting architect or other third party acceptable to Permanent Lender describing the completed Repairs and verifying the completion of the ~~collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower~~ Repairs and the ~~transferee(s~~value of the completed Repairs; and (3) as a ~~condition~~ new (or amended) certificate of ~~Lender's approval~~ occupancy for the portion of the Improvements covered by such ~~Transfer.~~Repairs, if said new certificate of occupancy is required by law, or a certification by Borrower that no new certificate of occupancy is required by law. Permanent Lender shall not be required to make advances from the Replacement Reserve more frequently than once in any thirty

Appears in 1 contract

Samples: Mortgage, Pledge of Leases and Rents and Security Agreement

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. 11/01 Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (VMS National Properties Joint Venture)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bill or invoice for an ~~Imposition~~Impxxxxion, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or ~~estimate~~ estimaxx from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or ~~estimate~~ estimaxx or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Historic Preservation Properties 1989 Limited Partnership)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Xxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Xxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender~~Xxxxxx's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, ~~Lender~~Xxxxxx's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Xxxxxx at ~~Lender~~Xxxxxx's option by Notice to Borrower and the transferee(s) as a condition of ~~Lender~~Xxxxxx's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Consolidated Capital Properties Iv)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by~~ From and after any monetary Event of Default at Lender~~, which waiver may be contained in this Section 7(a~~’s option (upon prior written notice to Borrower), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender’s interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ”. The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ”. The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender from and after a monetary Event of Default may be revoked by Lender, in Lender’s discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no monetary Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. ~~As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents,~~ Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower’s obligations under this Instrument and ~~all proceeds of, and all interest and dividends on,~~ the ~~Imposition Deposits~~other Loan Documents. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an a monetary Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Purchase Money Mortgage (Steadfast Income REIT, Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Lxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Lxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Lxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Lxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Lxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Lxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Lxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender~~Lxxxxx's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Lxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Lxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Lxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, ~~Lender~~Lxxxxx's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Lxxxxx at ~~Lender~~Lxxxxx's option by Notice to Borrower and the transferee(s) as a condition of ~~Lender~~Lxxxxx's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Emeritus Corp\wa\)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bill or invoice for an Imposition, Lender shall ~~pay~~ xxx the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate ~~public~~ xxxlic office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of xx the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Krupp Realty LTD Partnership Vii)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require ~~the~~ Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer. 2. A new Section 53 is hereby added as follows:

Appears in 1 contract

Samples: Assumption Agreement (KBS Legacy Partners Apartment REIT, Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Xxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Xxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [~~Deferred~~Waived] Hazard Insurance premiums or other insurance premiums required by Lender under Section ~~19,~~ 19 [~~Deferred~~Collect] ~~Taxes,~~ Taxes [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), ) [N/A] ground ~~rents,~~ rents [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Xxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, ~~Lender's~~ Xxxxxx’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Xxxxxx at ~~Lender's~~ Xxxxxx’s option by Notice to Borrower and the transferee(s) as a condition of ~~Lender's~~ Xxxxxx’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Preferred Apartment Communities Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bill or invoice for an Imposition, Lender shall pay ~~the~~ txx Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate ~~public~~ puxxxx office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of ~~the Imposition~~thx Xxposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Maxus Real Property Investors Four Lp)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last 11/01 date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (VMS National Properties Joint Venture)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Xxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Xxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section ~~19,~~ 19 [~~Deferred~~Collect] ~~Taxes,~~ Taxes [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), ) [N/A] ground ~~rents,~~ rents [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Xxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, ~~Lender's~~ Xxxxxx’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Xxxxxx at ~~Lender's~~ Xxxxxx’s option by Notice to Borrower and the transferee(s) as a condition of ~~Lender's~~ Xxxxxx’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Preferred Apartment Communities Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Secured Investment Resources Fund Lp Iii)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. ~~(a) Unless this requirement is~~ a. Except as otherwise provided in the NLRP Permanent Loan Documents, unless waived ~~in writing~~ by Permanent Lender~~, which waiver may be contained in this Section 7(a)~~, Borrower shall deposit with Permanent Lender on the day ~~monthly~~ installments of principal or interest, or both, are due under the NLRP Note (or on another day designated in writing by Permanent Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Permanent Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [Deferred] due (1) any water and sewer charges ~~(that could become~~ which, if not paid, may result in a lien on all or any part of the Mortgaged Property), ~~[N/A] ground rents~~(2) the premiums for fire and other hazard insurance, ~~[Deferred] assessments or~~ rent loss insurance and such other ~~charges (that could become a lien on the Mortgaged Property) The amounts deposited~~ insurance as Permanent Lender may require under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition.Section 19, ~~(b)~~ b. Imposition Deposits shall be held in an institution ~~(which may be Lender, if Lender is such an institution)~~ whose deposits or accounts are insured or guaranteed by a federal agency. Permanent Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Permanent Lender shall apply the Imposition Deposits to pay Impositions and Repairs so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Permanent Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. ~~As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents,~~ Borrower hereby pledges and grants to Permanent Lender a security interest in the Imposition Deposits as additional security for all of Borrower’s obligations under this NLRP Mortgage and ~~all proceeds of, and all interest and dividends on,~~ the ~~Imposition Deposits~~other Loan Documents. Any amounts deposited with Permanent Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Permanent Lender for that purpose under Section 7(e). ~~(c)~~ c. If Permanent Lender receives a xxxx or invoice for an Imposition, Permanent Lender shall pay the Imposition from the Imposition Deposits held by Permanent Lender. Permanent Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Permanent Lender. Permanent Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. ~~(d)~~ d. If at any time the amount of the Imposition Deposits held by Permanent Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Permanent Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Permanent Lender for payment of a specific Imposition is less than the amount reasonably estimated by Permanent Lender to be necessary, Borrower shall pay to Permanent Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Permanent Lender. ~~(e)~~ e. If an Event of Default has occurred and is continuing, Permanent Lender may apply any Imposition Deposits, in any amounts and in any order as Permanent Lender determines, in Permanent Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Permanent Lender shall refund to Borrower any Imposition Deposits held by Permanent Lender. ~~(f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred"~~ f. The replacement reserves set forth in Section ~~7(a~~7(a)(4) (“Replacement Reserves”) shall be used for the payment of costs and expenses incurred by Borrower in connection with fixtures, furniture and equipment, capital improvements, repairs and replacements performed at the Mortgaged Property, including but not limited to, the performance of work to the roofs, chimneys, gutters, downspouts, paving, curbs, ramps, driveways, balconies, porches, patios, exterior walls, exterior doors and doorways, windows, carpets, appliances, fixtures, elevators, and mechanical and HVAC equipment and the replacement of furnishings, fixtures and equipment in the rooms, hallways, lobbies, restaurants, lounges, meeting or ~~pursuant~~ banquet rooms, parking facilities and other public areas accessible by the public or tenants for regular use, and such other items as Permanent Lender may approve from time to time in its reasonable discretion (collectively, the “Repairs”) Commencing on the first month in which the Mortgaged Property is placed in service, and continuing thereafter or the 1st of each month during the 1st year of the Mortgaged Property’s operation, Borrower shall pay to Permanent Lender a ~~separate written waiver by Lender~~deposit to the reserve in an amount of $ N/A . So long as no Event of Default has occurred and is continuing and no circumstance exists, ~~then on or before~~ which with the ~~date each such Imposition is due~~giving of notice, or ~~on the date this Instrument requires each such Imposition to be paid~~passage of time, ~~Borrower must provide Lender with proof~~ or both, would constitute an Event of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to BorrowerDefault, (i) if all sums in the Replacement Reserve shall be held by Permanent Lender in the Replacement Reserve to pay and/or reimburse Borrower ~~does not timely pay any~~ for the costs and expenses of ~~the Impositions~~Repairs, and (ii) ~~if Borrower fails to provide timely proof to~~ Permanent Lender shall, so long as no Event of ~~such payment~~Default has occurred and is continuing and no circumstance exists, which with the giving of notice, or ~~(iii) at any time during the existence~~ passage of time, or both, would constitute an Event of Default. , and to the extent funds are available for such purpose in the Replacement Reserve, disburse to Borrower the amount paid or incurred by Borrower in performing such Repairs within ten (g10) days following: (a) the receipt by Permanent Lender of a written request from Borrower for disbursement from the Replacement Reserve and a certification by Borrower to Permanent Lender that the applicable item of Repair has been completed; (b) the delivery to Permanent Lender of invoices, receipts or other evidence verifying the cost of performing the Repairs; and (c) for disbursement requests (i) in excess of $10,000.00 with respect to any single Repair, or (ii) for any single Repair that is structural in nature, delivery to Permanent Lender of (1) affidavits, lien waivers or other evidence reasonably satisfactory to Permanent Lender showing that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished materials or labor to the Mortgaged Property have been paid all amounts due for labor and materials furnished to the Mortgaged Property; (2) a certification from an inspecting architect or other third party acceptable to Permanent Lender describing the completed Repairs and verifying the completion of the Repairs and the value of the completed Repairs; and (3) a new (or amended) certificate of occupancy for the portion of the Improvements covered by such Repairs, if said new certificate of occupancy is required by law, or a certification by Borrower that no new certificate of occupancy is required by law. Permanent Lender shall not be required to make advances from the Replacement Reserve more frequently than once in any thirty (30) day period. In making any payment from the Replacement Reserve, Permanent Lender shall be entitled to rely on such request from Borrower, and on any xxxx, statement, or estimate from any third party, without any inquiry into the accuracy, validity or contestability of any such amount. Interest or other earnings on the funds contained in the Replacement Reserve shall be credited to Borrower. In the event that the amounts on deposit or available in the Replacement Reserve are inadequate to pay the cost of the Repairs, Borrower shall pay the amount of such deficiency in accordance with Section 12. g. Upon Permanent Lender’s prior written consent, to the extent any Impositions are required by a ~~Transfer prohibited by or requiring Lender's approval~~ senior mortgage, such amounts deposited in compliance with all requirements pursuant to an agreement with a senior Permanent Lender shall be credited against amounts required under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer7(a).

Appears in 1 contract

Samples: Neighborhood Landlord Rental Program Permanent Mortgage, Pledge of Leases and Rents and Security Agreement

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Emeritus Corp\wa\)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [~~Deferred~~Collect] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Secured Investment Resources Fund Lp Ii)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [~~Deferred~~Collect] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be ~~held~~ deposited in an ~~institution~~ Eligible Account at an Eligible Institution (which may be Lender, if Lender is such an institution) ~~whose deposits~~ or ~~accounts are insured or guaranteed~~ invested in “permitted investments” as then defined and required by ~~a federal agency~~the Rating Agencies. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Paladin Realty Income Properties Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Lxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Lxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be ~~held~~ deposited in an ~~institution~~ Eligible Account at an Eligible Institution (which may be Lender, if Lender is such an institution) ~~whose deposits~~ or ~~accounts are insured or guaranteed~~ invested in “permitted investments” as then defined and required by ~~a federal agency~~the Rating Agencies. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Lxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Lxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Lxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Lxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Lxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Lxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Lxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Lxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Lxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, ~~Lender's~~ Lxxxxx’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Lxxxxx at ~~Lender's~~ Lxxxxx’s option by Notice to Borrower and the transferee(s) as a condition of ~~Lender's~~ Lxxxxx’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Emeritus Corp\wa\)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Deed of Trust, Assignment of Rents and Security Agreement (Bluerock Enhanced Multifamily Trust, Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Lxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Lxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by ~~Lender~~ Lxxxxx are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Lxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Lxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Lxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Lxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Lxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Lxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Lxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Lxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Lxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, ~~Lender's~~ Lxxxxx’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Lxxxxx at ~~Lender's~~ Lxxxxx’s option by Notice to Borrower and the transferee(s) as a condition of ~~Lender's~~ Lxxxxx’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement and Fixture Filing (Capital Senior Living Corp)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly ~~installments of principal or interest, or both,~~ scheduled payments and deposits are due under the ~~Note~~ Reimbursement Agreement (or on another day designated in writing by Lender), until such time as the Lender’s obligations under the Credit Enhancement Agreement are terminated, the Indebtedness is paid in ~~full~~full or otherwise discharged, and the Reimbursement Agreement has terminated, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [~~Deferred~~_______] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~_______] Taxes, [~~Deferred~~_______] water and sewer charges (that could become a lien on the Mortgaged Property), [~~N/A~~_______] ground rents, [~~Deferred~~_______] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this ~~Instrument~~ Instrument, the Reimbursement Agreement and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Xxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. ~~Upon payment~~ At such time as Lender’s obligations under the Credit Enhancement Agreement are terminated, the Indebtedness is paid in full of or otherwise discharged, and the ~~Indebtedness~~Reimbursement Agreement has terminated, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, ~~Lender's~~ Xxxxxx’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Xxxxxx at ~~Lender's~~ Xxxxxx’s option by Notice to Borrower and the transferee(s) as a condition of ~~Lender's~~ Xxxxxx’s approval of such Transfer.

Appears in 1 contract

Samples: Uniform Covenants

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Xxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Xxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [~~Deferred~~Collect] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Collect] [Deferred] [N/A] [Deferred] Taxes, ~~[Deferred]~~ water and sewer charges (that could become a lien on the Mortgaged Property), ~~[N/A]~~ ground rents, ~~[Deferred]~~ assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be ~~held~~ deposited in an ~~institution~~ Eligible Account at an Eligible Institution (which may be Lender, if Lender is such an institution) ~~whose deposits or accounts are insured or guaranteed~~ and shall be invested in “permitted investments” as then defined and required by ~~a federal agency~~the Rating Agencies. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Xxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, ~~Lender's~~ Xxxxxx’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Xxxxxx at ~~Lender's~~ Xxxxxx’s option by Notice to Borrower and the transferee(s) as a condition of ~~Lender's~~ Xxxxxx’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Steadfast Income REIT, Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [~~Deferred~~N/A] water and sewer charges (that could become a lien on the Mortgaged Property), [~~N/A~~Deferred] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Consolidated Capital Institutional Properties)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "~~Imposition Deposits."~~ IMPOSITION DEPOSITS". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "~~Impositions."~~ IMPOSITIONS". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. ~~As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents,~~ Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.the

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Alterra Healthcare Corp)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "~~Imposition Deposits."~~ IMPOSITION DEPOSITS". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "~~Impositions."~~ IMPOSITIONS". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx or~~ bill xx invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bill, ~~statement~~ xxatement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, ~~statement~~ xxatement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Sunrise Assisted Living Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [~~Deferred~~Collect] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Maxus Realty Trust Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "~~Imposition Deposits."~~ IMPOSITION DEPOSITS". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "~~Impositions."~~ IMPOSITIONS". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx or~~ bill xx invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bill, ~~statement~~ xxatement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, ~~statement~~ xxatement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.Imposition

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Sunrise Assisted Living Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Wellsford Real Properties Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.or

Appears in 1 contract

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Roberts Realty Investors Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender’s interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ”. The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ”. The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender’s discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Xxxxxx Mae Multifamily Security Instrument - Form 4033 Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. ~~As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents,~~ Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower’s obligations under this Instrument and ~~all proceeds of, and all interest and dividends on,~~ the ~~Imposition Deposits~~other Loan Documents. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Mortgage and Security Agreement (Emeritus Corp\wa\)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless ~~this requirement is~~ waived ~~in writing~~ by Lender~~, which waiver may be contained in this Section 7(a)~~, Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender’s interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this ~~Instrument~~ Mortgage as the "“Imposition Deposits." ”. The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this ~~Instrument~~ Mortgage as "“Impositions." ”. The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Xxxxxx, in Xxxxxx’s discretion, at any time upon notice to Xxxxxxxx. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. ~~As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents,~~ Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower’s obligations under this Mortgage and ~~all proceeds of, and all interest and dividends on,~~ the ~~Imposition Deposits~~other Loan Documents. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender's~~ Xxxxxx’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: CDBG Piggyback Program Mortgage, Assignment of Leases and Rents and Security Agreement

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bxxx, statement or estimate from the appropriate public office ________________________________________________________________________________ PAGE 12 or insurance company without inquiring into the accuracy of the ~~xxxx~~bxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Maxus Realty Trust Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. ~~[Deferred~~[ Collect ] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, ~~[Deferred~~[ Collect ] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [[ N/AA ] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be ~~held~~ deposited in an ~~institution~~ Eligible Account at an Eligible Institution (which may be Lender, if Lender is such an institution) ~~whose deposits~~ or ~~accounts are insured or guaranteed~~ invested in “permitted investments” as then defined and required by ~~a federal agency~~the Rating Agencies. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Behringer Harvard Opportunity REIT II, Inc.)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [ground rents [ N/AA ] ~~ground rents,~~ [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (National Property Investors Iii)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by ~~Lender~~Xxxxxx, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by ~~Lender~~Xxxxxx), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "Collect" below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [~~Deferred~~Collect] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by ~~Lender~~ Xxxxxx are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Xxxxxx, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender~~Xxxxxx's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to Borrower any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by ~~Lender~~Xxxxxx, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, ~~Lender~~Xxxxxx's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by ~~Lender~~ Xxxxxx at ~~Lender~~Xxxxxx's option by Notice to Borrower and the transferee(s) as a condition of ~~Lender~~Xxxxxx's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Emeritus Corp\wa\)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "~~Imposition Deposits."~~ IMPOSITION DEPOSITS". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "~~Impositions."~~ IMPOSITIONS". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any ~~xxxx~~bxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Wellsford Real Properties Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ” The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ” The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Century Properties Fund Xiv)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such xxxxxxte. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender's discretion, xx xxy timx xxxx notice to Borrower. (b) ~~Imposition Deposits~~ Impositiox Xxxxxxts shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower's obligations under this Instrument and the other Loan Documents~~, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits~~. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a ~~xxxx~~ bill or ~~invoice for~~ invoixx xxx an Imposition, Lender shall pay the Imposition ~~from~~ xxxx the Imposition Deposits held by Lender. Lender shall have no ~~obligation~~ oxxxxxxion to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an ~~Imposition~~ Impxxxxxxn according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a ~~specific Imposition~~ specifix Xxxxsition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a ~~specific Imposition~~ specifix Xxxxsition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's discretion, to pay any ~~Impositions~~ Xxxxxitions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower ~~any Imposition~~ xxx Xmposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Loan Agreement (Krupp Realty LTD Partnership V)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a),~~ Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Lender’s interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "“Imposition Deposits." ”. The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "“Impositions." ”. The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Borrower for which Imposition Deposits are required. Any waiver by Lender of the requirement that Borrower remit Imposition Deposits to Lender may be revoked by Lender, in Lender’s discretion, at any time upon notice to Borrower. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. ~~As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents,~~ Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Borrower’s obligations under this Instrument and ~~all proceeds of, and all interest and dividends on,~~ the ~~Imposition Deposits~~other Loan Documents. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Behringer Harvard Multifamily Reit I Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when due, the items marked "“Collect" ” below. Lender will not require the Borrower to make Imposition Deposits with respect to the items marked "“Deferred" ” below. [Deferred] Hazard Insurance premiums or other insurance premiums required by Lender under Section 19, [Deferred] Taxes, [Deferred] water and sewer charges (that could become a lien on the Mortgaged Property), [N/A] ground rents, [Deferred] assessments or other charges (that could become a lien on the Mortgaged Property) The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." The obligations of Borrower for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other Imposition. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay Borrower any interest, earnings or profits on the Imposition Deposits. As additional security for all of Borrower's ’s obligations under this Instrument and the other Loan Documents, Borrower hereby pledges and grants to Lender a security interest in the Imposition Deposits and all proceeds of, and all interest and dividends on, the Imposition Deposits. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If Lender receives a xxxx or invoice for an Imposition, Lender shall pay the Imposition from the Imposition Deposits held by Lender. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by Lender. Lender may pay an Imposition according to any xxxx, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be necessary, Borrower shall pay to Lender the amount of the deficiency within 15 days after Notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in Lender's ’s discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, Lender shall refund to Borrower any Imposition Deposits held by Lender. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "“Deferred" ” in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "“Deferred" ” in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's ’s approval under Section 21, Lender's ’s waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's ’s option by Notice to Borrower and the transferee(s) as a condition of Lender's ’s approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (Roberts Realty Investors Inc)

DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES. (a) ~~Unless this requirement is waived in writing by Lender, which waiver may be contained in this Section 7(a), Borrower~~ Grantor shall deposit with Lender on the day monthly installments of principal or interest, or both, are due under the Note (or on another day designated in writing by Lender), until the Indebtedness is paid in full, an additional amount sufficient to accumulate with Lender the entire sum required to pay, when ~~due~~due (1) any water and sewer charges which, if not paid, may result in a lien on all or any part of the ~~items marked "Collect" below. Lender will not require~~ Mortgaged Property, (2) the ~~Borrower to make Imposition Deposits with respect to the items marked "Deferred" below. [Deferred] Hazard Insurance~~ premiums or for fire and other hazard insurance, rent loss insurance and such other insurance ~~premiums required by~~ as Lender may require under Section 19, ~~[Deferred]~~ (3) Taxes, ~~[Deferred] water~~ and ~~sewer~~ (4) amounts for other charges ~~(that could become a lien~~ and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to prevent the imposition of liens on the Mortgaged Property), ~~[N/A] ground rents~~or otherwise to protect Xxxxxx's interests, ~~[Deferred] assessments or other charges (that could become a lien on the Mortgaged Property)~~ all as reasonably estimated from time to time by Lender, plus one-sixth of such estimate. The amounts deposited under the preceding sentence are collectively referred to in this Instrument as the "Imposition Deposits." ". The obligations of ~~Borrower~~ Grantor for which the Imposition Deposits are required are collectively referred to in this Instrument as "Impositions." ". The amount of the Imposition Deposits shall be sufficient to enable Lender to pay each Imposition before the last date upon which such payment may be made without any penalty or interest charge being added. Lender shall maintain records indicating how much of the monthly Imposition Deposits and how much of the aggregate Imposition Deposits held by Lender are held for the purpose of paying Taxes, insurance premiums and each other ~~Imposition~~obligation of Grantor for which Imposition Deposits are required. Any waiver by Xxxxxx of the requirement that Grantor remit Imposition Deposits to Lender may be revoked by Xxxxxx, in Xxxxxx's discretion, at any time upon notice to Grantor. (b) Imposition Deposits shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. Lender shall apply the Imposition Deposits to pay Impositions so long as no Event of Default has occurred and is continuing. Unless applicable law requires, Lender shall not be required to pay ~~Borrower~~ Grantor any interest, earnings or profits on the Imposition Deposits. ~~As additional security for all of Borrower's obligations under this Instrument and the other Loan Documents, Borrower~~ Grantor hereby pledges and grants to Lender a security interest in the Imposition Deposits as additional security for all of Grantor's obligations under this Instrument and ~~all proceeds of, and all interest and dividends on,~~ the ~~Imposition Deposits~~other Loan Documents. Any amounts deposited with Lender under this Section 7 shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose under Section 7(e). (c) If ~~Lender~~ Xxxxxx receives a ~~xxxx~~ bill or invoice for an Imposition, ~~Lender~~ Xxxxxx shall pay the Imposition from the Imposition Deposits held by ~~Lender~~Xxxxxx. Lender shall have no obligation to pay any Imposition to the extent it exceeds Imposition Deposits then held by ~~Lender~~Xxxxxx. Lender may pay an Imposition according to any ~~xxxx~~bill, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the ~~xxxx~~bill, statement or estimate or into the validity of the Imposition. (d) If at any time the amount of the Imposition Deposits held by ~~Lender~~ Xxxxxx for payment of a specific Imposition exceeds the amount reasonably deemed necessary by ~~Lender~~Lender plus one-sixth of such estimate, the excess shall be credited against future installments of Imposition Deposits. If at any time the amount of the Imposition Deposits held by Lender for payment of a specific Imposition is less than the amount reasonably estimated by Lender to be ~~necessary~~necessary plus one-sixth of such estimate, ~~Borrower~~ Grantor shall pay to Lender the amount of the deficiency within 15 days after ~~Notice~~ notice from Lender. (e) If an Event of Default has occurred and is continuing, Lender may apply any Imposition Deposits, in any amounts and in any order as Lender determines, in ~~Lender~~Xxxxxx's discretion, to pay any Impositions or as a credit against the Indebtedness. Upon payment in full of the Indebtedness, ~~Lender~~ Xxxxxx shall refund to ~~Borrower~~ Grantor any Imposition Deposits held by ~~Lender~~Xxxxxx. (f) If Lender does not collect an Imposition Deposit with respect to an Imposition either marked "Deferred" in Section 7(a) or pursuant to a separate written waiver by Lender, then on or before the date each such Imposition is due, or on the date this Instrument requires each such Imposition to be paid, Borrower must provide Lender with proof of payment of each such Imposition for which Lender does not require collection of Imposition Deposits. Lender may revoke its deferral or waiver and require Borrower to deposit with Lender any or all of the Imposition Deposits listed in Section 7(a), regardless of whether any such item is marked "Deferred" in such section, upon Notice to Borrower, (i) if Borrower does not timely pay any of the Impositions, (ii) if Borrower fails to provide timely proof to Lender of such payment, or (iii) at any time during the existence of an Event of Default. (g) In the event of a Transfer prohibited by or requiring Lender's approval under Section 21, Lender's waiver of the collection of any Imposition Deposit in this Section 7 may be modified or rendered void by Lender at Lender's option by Notice to Borrower and the transferee(s) as a condition of Lender's approval of such Transfer.

Appears in 1 contract

Samples: Multifamily Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Brookdale Living Communities Inc)

Common use of DEPOSITS FOR TAXES, INSURANCE AND OTHER CHARGES Clause in Contracts