Common use of Deposits of Insurance Funds Clause in Contracts

Deposits of Insurance Funds. Pursuant to the Cash Management Agreement, upon the occurrence of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant to the Cash Management Agreement, upon the occurrence of (a) a Trigger Event and during During the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereofDefault, there Borrower shall be deposited deposit with Agent or on behalf of Lender, on or before each Monthly Payment Date Date, an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates based on the most recent bxxx will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof thereof, in order to accumulate sufficient funds to pay all such Insurance Premiums on or prior to the earlier of (A) at least thirty (30) days prior to the date on which such payments are due and payable and (B) the expiration of the Policies, which amounts shall be transferred into an Account established at Deposit Bank to hold such funds (the “Insurance Account”). Amounts deposited from time to time into the Insurance Account pursuant to this Section 6.3.1 6.4.1 are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, assuming subsequent monthly deposits in accordance herewith, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice . For the avoidance of any deficiency after the date that is thirty (30) days prior doubt, to the expiration date of extent that an Individual Property or Properties has been released from the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding Lien under the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies Loan Documents in accordance with the terms hereof, the funds required to be deposited into the Insurance Account by Borrower shall be appropriately reduced for the remainder of the Fiscal Year. The foregoing requirements are hereby waived with respect to any insurance maintained under a blanket Policy that satisfies the requirements set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant to the Cash Management Agreement, upon Upon the occurrence of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereofPeriod, there Borrower shall be deposited deposit with Agent on each Monthly Payment Date Lender, an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies multiplied by the amount of Monthly Payment Dates that have occurred since the last payment of the Insurance Premiums and (b) thereafter, during the continuance of the applicable Trigger Period, on each Monthly Payment Date, an amount equal to one-twelfth of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies, which amounts shall be transferred into an Account established at Deposit Bank to hold such funds (the “Insurance Account”). Amounts deposited from time to time into the Insurance Account pursuant to this Section 6.3.1 6.4.1 are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant Borrower shall deposit with Lender or Servicer on behalf of Lender (or cause to be deposited with Lender or Servicer pursuant to the Cash Management Agreement), upon the occurrence of (a) a Trigger Event and on each Monthly Payment Date during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereofCash Management Sweep Period, there shall be deposited with Agent on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. The Insurance Funds shall be held in the Insurance Reserve Account (as defined in the Cash Management Agreement), which shall be an Interest Bearing Account. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1foregoing, provided no Event of Default is continuing and further provided the Property is not located in a “special flood hazard area”, Lender agrees that Borrower delivers upon delivery to Lender certificates by Borrower of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums Policies of insurance required to be maintained by Borrower pursuant to Section 5.1.1 are maintained pursuant to blanket insurance Policies covering the Collective Properties and other properties and which blanket insurance Policies otherwise comply with the requirements of Section 5.1.1 and the Insurance Premiums payable in connection therewith have been prepaid for not less than one year in advance (or, for the period of coverage under the Policies as to which certificates are delivered at closing, such period, if less than one year), then Borrower’s obligation to make monthly deposits of the Insurance Funds pursuant to this Section 6.3.1 shall be suspended. Upon request of Lender, Borrower shall provide evidence satisfactory to Lender that the Insurance Premiums payable in connection with such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paidpaid as soon as appropriate evidence is reasonably available.

Deposits of Insurance Funds. Pursuant to the Cash Management Agreement, upon the occurrence of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on On each Monthly Payment Date Date, Borrower shall deposit with Lender an amount equal to one-twelfth (1/12) of the Insurance Premiums (the “Monthly Insurance Deposit”) that Lender reasonably estimates will be payable for the renewal of the coverage coverages afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. ” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Insurance Account.” If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance PremiumsPremiums at least thirty (30) days prior to the expiration of the Policies, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any such deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three two (32) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant On the Closing Date, Borrower shall deposit with Lender an amount equal to the Cash Management AgreementSeventy-Two Thousand Seven Hundred Eighty and 53/100 Dollars ($72,780.53), upon the occurrence of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on each Monthly Payment Date Date, Borrower shall deposit with Lender an amount equal to one-twelfth (1/12) of the Insurance Premiums (the “Monthly Insurance Deposit”) that Lender reasonably estimates will be payable for the renewal of the coverage coverages afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. ” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Insurance Account.” If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance PremiumsPremiums at least thirty (30) days prior to the expiration of the Policies, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any such deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within by the earlier of (a) three (3) Business Days after its receipt of such notice. Notwithstanding notice and (b) one (1) Business Day prior to expiration of the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant At Lender’s election (such election to be made by Lxxxxx sending a written election notice to Borrower at least ten (10) days in advance of the Cash Management AgreementMonthly Payment Date on which such election shall become effective, upon the occurrence of (a) which such election shall remain in effect until Lender delivers a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereofnotice to Borrower terminating such election), there shall be deposited with Agent on each Monthly Payment Date Borrower shall deposit into an Account controlled by Lender (the “Insurance Account”)an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 into the Insurance Account are referred to herein as the “Insurance Funds”. .” If at any time time, Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions foregoing, Lxxxxx agrees that upon delivery to Lender by Borrower of this evidence satisfactory to Lender that the Policies of insurance required to be maintained by Borrower pursuant to Section 6.3.1, if insurance coverages required hereunder 5.1.1 are effected under one or more maintained pursuant to blanket insurance Policies in accordance covering the Property and other properties and which blanket insurance Policies otherwise comply with the terms set forth requirements of Section 5.1.1 and the Insurance Premiums payable in Section 5.1.1(cconnection therewith have been prepaid for not less than one year in advance (or, for the period of coverage under the Policies as to which certificates are delivered at closing, such period, if less than one year), then Borrower shall not be required to make deposits under monthly payments of the Insurance Funds pursuant to this Section 6.3.1. Upon request of Lxxxxx, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with shall provide evidence reasonably satisfactory to Lender that the premiums for Insurance Premiums payable in connection with such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paidpaid as soon as appropriate evidence is reasonably available.

Deposits of Insurance Funds. Pursuant to the Cash Management Agreement, upon the occurrence of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to to- such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant to the Cash Management Agreement, upon the occurrence of (a) a an Escrow Reserve Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereofEscrow Reserve Period, there shall be deposited with Agent on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 6.3.1, together with interest earned thereon, are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if . Once any Escrow Reserve Period has ended and no other Escrow Reserve Period then exists, all Insurance Funds on deposit shall be promptly returned to Borrower receives notice of any deficiency after on or before the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such noticefollowing Monthly Payment Date. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies The Insurance Funds shall be held in an interest-bearing account and invested in Permitted Investments in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paidCash Management Agreement.

Deposits of Insurance Funds. Pursuant On the date hereof, Borrower has deposited or caused to the Cash Management Agreement, upon the occurrence of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent or on behalf of Lender the sum of $17,158.52 for transfer to the Insurance Account. Commencing on the Monthly Payment Date occurring in May 2014 and on each Monthly Payment Date thereafter, Borrower shall deposit with Lender an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. All amounts deposited with Lender by or on behalf of Borrower under this Section 6.4.1 shall be transferred by or at the direction of Lender into an Account established to hold such funds (the “Insurance Account”). Amounts deposited from time to time into the Insurance Account pursuant to this Section 6.3.1 6.4.1 are referred to herein as the “Insurance Funds”. If at any time time, Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit with or on behalf of Lender, such amount within three one (31) Business Days Day after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant Borrower shall deposit or cause to the Cash Management Agreement, upon the occurrence be deposited with or on behalf of Lender (a) a Trigger Event on the Closing Date, the amount of $0.00 and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on each Monthly Payment Date Date, an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies, which amounts shall be transferred by or at the direction of Lender into an Account established to hold such funds (the “Insurance Account”); provided, however, that if Lender receives evidence that the Properties are covered by a blanket insurance Policy acceptable to Lender in accordance with Section 5.1.1(c), then the Borrower shall not be required to deposit funds to the Insurance Account. Amounts deposited from time to time into the Insurance Account pursuant to this Section 6.3.1 6.4.1 are referred to herein as the “Insurance Funds”. If at any time time, Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit with or on behalf of Lender, such amount within three one (31) Business Days Day after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant to the Cash Management Agreement, upon the occurrence of (a) a Trigger Event and during During the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereofDefault, there Borrower shall be deposited deposit with Agent or on behalf of Lender, on or before each Monthly Payment Date Date, an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates based on the most recent bxxx will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof thereof, in order to accumulate sufficient funds to pay all such Insurance Premiums on or prior to the earlier of (A) at least thirty (30) days prior to the date on which such payments are due and payable and (B) the expiration of the Policies, which amounts shall be transferred into an Account established at Deposit Bank to hold such funds (the “Insurance Account”). Amounts deposited from time to time into the Insurance Account pursuant to this Section 6.3.1 6.4.1 are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, assuming subsequent monthly deposits in accordance herewith, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice . For the avoidance of any deficiency after the date that is thirty (30) days prior doubt, to the expiration date of extent that an Individual Property or Properties has been released from the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding Lien under the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies Loan Documents in accordance with the terms hereof, the funds required to be deposited into the Insurance Account by Borrower shall be appropriately reduced for the remainder of the Fiscal Year. The foregoing requirements are hereby waived with respect to any insurance maintained under a blanket Policy that satisfies the requirements set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.. -126- Loan Agreement

Deposits of Insurance Funds. Pursuant Borrowers shall deposit with Lender the amount of Seventy Two Thousand Nine Hundred Fifty Six and 13/100 Dollars ($72,956.13) on the Closing Date, as to which the Cash Management Agreement, upon the occurrence amount of Thirty Thousand Nine Hundred Thirty Four and 89/100 Dollars (a$30,934.89) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deemed deposited with Agent on behalf of Horizon Xxxxxxxx, the amount of Nineteen Thousand Eight Hundred Forty Eight and 67/100 Dollars ($19,848.67) shall be deemed deposited on behalf of Horizon Medford, and the amount of Twenty Two Thousand One Hundred Seventy Two and 57/100 Dollars ($22,172.57) shall be deemed deposited on behalf of Horizon Warrenton. On each Monthly Payment Date Date, each Borrower shall deposit with Lender an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in respect of the Individual Property owned by such Borrower, in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies, which amounts shall be transferred into an Account established at Deposit Bank to hold such funds (the "INSURANCE ACCOUNT"). Amounts deposited from time to time into the Insurance Account pursuant to this Section 6.3.1 SECTION 6.4.1 are referred to herein as the “Insurance Funds”"INSURANCE FUNDS". If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower Borrowers of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant On the Closing Date, Borrower shall deposit with Agent the amount of and No/100 Dollars and, pursuant to the Cash Management Agreement, upon the occurrence of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. .” If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior . Notwithstanding anything to the expiration date contrary contained herein, Borrower’s obligation to make deposits of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of Insurance Funds required by this Section 6.3.16.3.1 shall be suspended during any time Borrower provides evidence, if insurance coverages required hereunder are effected under one or more blanket insurance Policies reasonably satisfactory to Lender, that Borrower is reserving for Insurance Premiums pursuant to and in accordance with the terms set forth Hotel Management Agreement, no Event of Default shall have occurred and be continuing and Lender shall have received evidence of payment of the related Insurance Premiums in accordance with Section 5.1.1(c5.1.1(b); provided, Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) dayshowever, that the premiums foregoing shall in no way relieve Borrower of its obligations to (a) deposit funds with respect Agent for Insurance Premiums to the extent that Borrower is not reserving for such blanket Policies for Insurance Premiums under the next succeeding period have been paidHotel Management agreement and (b) to maintain all of the insurance coverage required under Section 5.1.1(a).

Deposits of Insurance Funds. Pursuant to the Cash Management Agreement, upon the occurrence of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on On each Monthly Payment Date Borrower shall deposit with Lender an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. .” If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if . Notwithstanding the foregoing, without waiving any of Borrower’s obligations under the Loan Documents to pay maintain the insurance coverage required pursuant to Section 5.1.1 and pay the related Insurance Premiums, so long as Borrower receives notice of any deficiency after the date that is thirty (30) days pays all Insurance Premiums prior to the expiration due date thereof without the addition of the Policiesinterest, Borrower will deposit such amount within three (3) Business Days after fees or penalty, Lender agrees to defer its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits right under this Section 6.3.1Agreement and the other Loan Documents to require monthly deposits of Insurance Funds with Lender at all times other than during a Cash Management Period. If (a) Borrower fails to pay all Insurance Premiums due with respect to the Property prior to the due date thereof without the addition of interest, provided that Borrower delivers fees or penalty, and to provide Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that thereof, or (b) a Cash Management Period occurs, and until a Cash Management Period Termination Event occurs, then in addition to Lender’s other remedies under applicable law and under the premiums Loan Documents, Borrower shall immediately commence making monthly deposits of Insurance Funds in an amount determined by Lender in accordance with this Section 6.3.1 for such blanket insurance Policies have been paid, and if such Policies are purpose pursuant to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paidCash Management Agreement.

Deposits of Insurance Funds. Pursuant Borrower shall deposit with Lender or Servicer on behalf of Lender (or cause to be deposited with Lender or Servicer pursuant to the Cash Management Agreement), upon the occurrence of (a) a Trigger Event and on each Monthly Payment Date during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereofCash Management Sweep Period, there shall be deposited with Agent on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums (excluding premiums under policies described in Section 5.1.1(h)) that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. The Insurance Funds shall be held in the Insurance Reserve Account (as defined in the Cash Management Agreement), which shall be an Interest Bearing Account. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1foregoing, provided no Event of Default is continuing, Lender agrees that Borrower delivers upon delivery to Lender certificates by Borrower of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums Policies of insurance required to be maintained by Borrower pursuant to Section 5.1.1 are maintained pursuant to blanket insurance Policies covering the Collective Properties and other properties and which blanket insurance Policies otherwise comply with the requirements of Section 5.1.1 and the Insurance Premiums payable in connection therewith have been prepaid for not less than one year in advance (or, for the period of coverage under the Policies as to which certificates are delivered at closing, such period, if less than one year), then Borrower’s obligation to make monthly deposits of the Insurance Funds pursuant to this Section 6.3.1 shall be suspended. Upon request of Lender, Borrower shall provide evidence satisfactory to Lender that the Insurance Premiums payable in connection with such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paidpaid as soon as appropriate evidence is reasonably available.

Deposits of Insurance Funds. Pursuant On the Closing Date, Borrower shall deposit with Lender an amount equal to the Cash Management AgreementFour Thousand Fifty Six and No/100 Dollars ($4,056.00) and, upon the occurrence of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on each Monthly Payment Date Date, Borrower shall deposit with Lender an amount equal to one-twelfth (1/12) of the Insurance Premiums (the “Monthly Insurance Deposit”) that Lender reasonably estimates will be payable for the renewal of the coverage coverages afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. ” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Insurance Account.” If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance PremiumsPremiums at least thirty (30) days prior to the expiration of the Policies, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any such deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant to On the Cash Management AgreementClosing Date, upon Borrower shall deposit with Lender the occurrence amount of (a) a Trigger Event $0 and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the PoliciesPolicies (the "Monthly Insurance Deposit"). Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “"Insurance Funds”. ." If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c)forgoing, Borrower shall not be required to make deposits under the Monthly Insurance Deposit as set forth above provided (i) no Event of Default shall have occurred and be continuing, (ii) the liability and casualty Policies maintained by Borrower covering the Property are part of a blanket or umbrella policy approved by Lender in its reasonable discretion, pursuant to Section 5.1.1(c) hereof, including, without limitation, approval of the schedule of locations and values, (iii) Borrower provides Lender evidence of renewal of such Policy pursuant to Section 5 .1.1 (b) hereof, and (iv) Borrower provides Lender paid receipts for the payment of the Insurance Premiums by no later than ten (10) days prior to the expiration dates of the Policies. Borrower shall immediately commence making all Monthly Insurance Deposits, as required by Lender pursuant to this Section 6.3.1, provided that within five (5) days of receipt of notice from Lender of Borrower's failure to comply with items (i), (ii), (iii) or (iv) above, which such notice shall instruct Borrower delivers to immediately commence making all Monthly Insurance Deposits, including, without limitation, an up-front payment as determined by Lender certificates of insurance evidencing such blanket insurance Policies, to cause the Insurance Funds (together with evidence reasonably satisfactory the anticipated Monthly Insurance Deposits) to Lender that be sufficient to pay the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paidInsurance Premiums when due. 6.3.2.

Deposits of Insurance Funds. Pursuant to On the Cash Management AgreementClosing Date, upon Borrower shall deposit with Lender the occurrence amount of $0 into the Insurance Reserve Account (aas defined below) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereofand, thereafter, there shall be deposited with Agent by Borrower (provided no Cash Trap Period is then continuing) on each Monthly Payment Date an amount equal to one-twelfth $4,277.75 (which amount is equal to one‑twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof thereof) in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. .” The Account in which the Insurance Funds are held shall hereinafter be referred to as the “Insurance Reserve Account.” If at any time time, Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that . In addition to the foregoing, if Borrower receives notice of any deficiency after fails to renew the policy or policies described in Section 5.1 hereof by the date that which is thirty five (305) business days prior to the expiration date of the Policiesthereof, Borrower will deposit such amount within three (3) Business Days after its receipt agrees to notify Lender of such failure, and to keep Lender reasonably apprised of all developments in connection therewith, and if, following such notice. Notwithstanding , Lender reasonably believes that Borrower will be unable to bind the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one policy or more blanket insurance Policies in accordance with the terms set forth policies described in Section 5.1.1(c)5.1 prior to the expiration thereof, then Lender shall have the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including, without limitation, the obtaining of such insurance coverage as Lender in its reasonable discretion deems appropriate. All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policiesupon demand and, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been until paid, shall be secured by the Mortgage and if such Policies are to expire within thirty (30) days, that shall bear interest at the premiums with respect to such blanket Policies for the next succeeding period have been paidDefault Rate.

Deposits of Insurance Funds. Pursuant to the Cash Management Agreement, upon the occurrence of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c5.11(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant Borrower shall deposit with Agent or Servicer on behalf of Agent (or cause to be deposited with Agent or Servicer pursuant to the Cash Management Agreement), upon the occurrence of (a) a Trigger Event and on each Monthly Payment Date during the continuance of a Trigger Period or (b) an Cash Sweep Event of Default and during the continuance thereofPeriod, there shall be deposited with Agent on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably Agent estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. The Insurance Funds shall be held in the Insurance Escrow Subaccount (as defined in the Cash Management Agreement), which shall be an Interest Bearing Account. If at any time Lender Agent reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender Agent shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender Agent reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions foregoing, provided no Event of this Default is continuing, Agent agrees that upon delivery to Agent by Borrower of evidence satisfactory to Agent that the Policies of insurance required to be maintained by Borrower pursuant to Section 6.3.1, if insurance coverages required hereunder 5.1.1 are effected under one or more maintained pursuant to blanket insurance Policies in accordance covering the Property and other properties and which blanket insurance Policies otherwise comply with the terms set forth requirements of Section 5.1.1 and the Insurance Premiums payable in connection therewith have been prepaid for not less than one year in advance (or, for the period of coverage under the Policies as to which certificates are delivered at closing, such period, if less than one year), then Borrower’s obligation to make monthly deposits of the Insurance Funds pursuant to this Section 5.1.1(c)6.3.1 shall be suspended. Upon request of Agent, Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with provide evidence reasonably satisfactory to Lender Agent that the premiums for Insurance Premiums payable in connection with such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paidpaid as soon as appropriate evidence is reasonably available.

Deposits of Insurance Funds. Pursuant Borrower shall deposit with Agent or Servicer on behalf of Agent (or cause to be deposited with Agent or Servicer pursuant to the Cash Management Agreement), upon the occurrence of (a) a Trigger Event and on each Monthly Payment Date during the continuance of a Trigger Period or (b) an Cash Sweep Event of Default and during the continuance thereofPeriod, there shall be deposited with Agent on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably Agent estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. The Insurance Funds shall be held in the Insurance Escrow Subaccount (as defined in the Cash Management Agreement), which shall be an Interest Bearing Account. If at any time Lender Agent reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender Agent shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender Agent reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions foregoing, provided no Event of this Default is continuing, Agent agrees that upon delivery to Agent by Borrower of evidence satisfactory to Agent that the Policies of insurance required to be maintained by Borrower pursuant to Section 6.3.1, if insurance coverages required hereunder 5.1.1 are effected under one or more maintained pursuant to blanket insurance Policies in accordance covering the Property and other properties and which blanket insurance Policies otherwise comply with the terms set forth requirements of Section 5.1.1 and the Insurance Premiums payable in connection therewith have been prepaid for not less than one year in advance (or, for the period of coverage under the Policies as to which certificates are delivered at closing, such period, if less than one year), then Borrower’s obligation to make monthly deposits of the Insurance Funds pursuant to this Section 5.1.1(c)6.3.1 shall be suspended. Upon request of Agent, Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with provide evidence reasonably satisfactory to Lender Agent that the premiums for Insurance Premiums payable in connection with such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.paid as soon as appropriate evidence is reasonably available. 95

Deposits of Insurance Funds. Pursuant to the Cash Management Agreement, upon the occurrence of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant to the Cash Management Agreement, upon the occurrence of (a) a Trigger Event and during During the continuance of a Trigger Period or Period, Borrower shall, subject to Sections 6.11.2, 6.4.3, and 6.4.4 hereof, deposit with Lender the following: (a) upon the commencement of such Trigger Period, an amount reasonably determined by Lender such that sufficient amounts shall be on deposit in the Insurance Account (taking into account the payments required pursuant to clause (b) an Event of Default this Section 6.4.1) to pay the next scheduled payment of Insurance Premiums and during the continuance thereof, there shall be deposited with Agent (b) on each Monthly Payment Date Date, an amount equal to one-twelfth (l/12th) of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof (taking into account the amounts on deposit pursuant to clause (a) of this Section 6.4.1), in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies, which amounts shall be transferred into an Account established to hold such funds (the “Insurance Account”). Amounts deposited from time to time into the Insurance Account pursuant to this Section 6.3.1 6.4.1 are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient (taking into account the monthly deposits of Insurance Funds required to be made pursuant to clause (b) above) to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the succeeding monthly deposits for Insurance Premiums shall be increased by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty ten (3010) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paid.

Deposits of Insurance Funds. Pursuant to On the Cash Management AgreementClosing Date, upon Borrower shall deposit with Lender the occurrence amount of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof$0.00 and, there shall be deposited with Agent on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the PoliciesPolicies (the “Monthly Insurance Deposit”). Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. .” If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c)forgoing, Borrower shall not be required to make deposits under the Monthly Insurance Deposit as set forth above provided (i) no Event of Default shall have occurred and be continuing, (ii) the liability and casualty policies covering the Property are part of a blanket or umbrella policy approved by Lender in its reasonable discretion pursuant to Section 5.1.1(c) hereof, including, without limitation, approval of the schedule of locations and values, (iii) Borrower provides Lender evidence of renewal of such policy pursuant to Article V hereof, and (iv) Borrower provides Lender paid receipts for the payment of the Insurance Premiums by no later than ten (10) days prior to the expiration dates of the Policies. Borrower shall immediately commence making all Monthly Insurance Deposits, as required by Lender pursuant to this Section 6.3.16.3, provided that within five (5) days of receipt of notice from Lender of Borrower’s failure to comply with items (i), (ii), (iii) or (iv) above, which such notice shall instruct Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that immediately commence making the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paidMonthly Insurance Deposits.

Deposits of Insurance Funds. Pursuant Borrower shall deposit with or on behalf of Lender (i) on the Closing Date, an amount equal to the Cash Management Agreement, upon the occurrence of $29,970.83 and (aii) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on each Monthly Payment Date Date, an amount equal to (x) one-twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies (initially $5,994.17) and (y) to the extent such amounts are not included in Common Charges, one-twelfth of the annual amount of insurance premiums payable by Borrower to the Condo Association with respect to the Policies maintained by the Condo Association pursuant to the Condominium Documents (the “Common Charges Insurance Premiums”), in each case upon the expiration thereof thereof, in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the PoliciesPolicies and all such Common Charges Insurance Premiums at least thirty (30) days prior to the date such Common Charges Insurance Premiums are payable to the Condo Association, which amounts shall be transferred into an Account established at Deposit Bank to hold such funds (the “Insurance Account”). Amounts deposited from time to time into the Insurance Account pursuant to this Section 6.3.1 6.4.1 are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums or Common Charges Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums or Common Charges Insurance Premiums, as applicable, shall be increased by the amount that Lender estimates is sufficient to make up (x) the deficiency relating to Insurance Premiums at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any Policies and/or (y) the deficiency after the date that is relating to Common Charges Insurance Premiums at lease thirty (30) days prior to the expiration date of such Common Charges Insurance Premiums are payable to the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paidCondo Association.

Deposits of Insurance Funds. Pursuant to the Cash Management Agreement, upon the occurrence of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there Borrower shall be deposited with Agent deposit on each Monthly Payment Date an amount equal to one-one twelfth of the Insurance Premiums that Lender reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the PoliciesPolicies (the “Monthly Insurance Deposit”). Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. .” If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any deficiency after the date that is thirty (30) days prior to the expiration date of the Policies, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c)forgoing, Borrower shall not be required to make deposits under the Monthly Insurance Deposit as set forth above provided (i) the liability and casualty policies maintained by Borrower (or Manager or Brand Manager) covering the Property are part of a blanket or umbrella policy approved by Lender in its reasonable discretion, (ii) Borrower provides Lender evidence of renewal of such policy pursuant to Section 5.1.1(b) hereof, and (iii) Borrower provides Lender paid receipts for the payment of the Insurance Premiums by no later than forty-five (45) days following the inception or renewal of the Policies. Borrower shall immediately commence making all Monthly Insurance Deposits, as required by Lender pursuant to this Section 6.3.1, provided that Borrower delivers within five (5) days of receipt of notice from Lender of Borrower’s failure to comply with items (i), (ii), or (iii) above, and such failure is not cured within such five (5) day period, which such notice shall instruct Borrower, in such event, to immediately commence making all Monthly Insurance Deposits, including, without limitation, an up-front payment as determined by Lender certificates of insurance evidencing such blanket insurance Policies, to cause the Insurance Funds (together with evidence reasonably satisfactory the anticipated Monthly Insurance Deposits) to Lender that be sufficient to pay the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paidInsurance Premiums when due.

Deposits of Insurance Funds. Pursuant to On the Cash Management AgreementClosing Date, upon Borrower shall deposit with Administrative Agent the occurrence amount of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof$174,227.13 and, there thereafter, on Monthly Payment Date, Borrower shall be deposited with Agent deposit on each Monthly Payment Date an amount equal to one-twelfth one‑twelfth of the Insurance Premiums that Lender reasonably Administrative Agent estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. .” The Account in which the Insurance Funds are held shall hereinafter be referred to as the “Insurance Reserve Account.” If at any time Lender time, Administrative Agent reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender Administrative Agent shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender Administrative Agent estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that . In addition to the foregoing, if Borrower receives notice of any deficiency after fails to renew the policy or policies required pursuant to Section 5.1 hereof by the date that which is thirty seven (307) days prior to the expiration date of the Policiesthereof, Borrower will deposit such amount within three (3) Business Days after its receipt agrees to notify Administrative Agent of such failure, and to keep Administrative Agent reasonably apprised of all developments in connection therewith, and if, following such notice. Notwithstanding , Administrative Agent reasonably believes that Borrower will be unable to bind the foregoing provisions of this Section 6.3.1, if insurance coverages required hereunder are effected under one policy or more blanket insurance Policies in accordance with the terms set forth policies described in Section 5.1.1(c)5.1 prior to the expiration thereof, then Administrative Agent shall have the right, without notice to Borrower, to take such action as Administrative Agent deems necessary to protect its interest in the Property, including, without limitation, the obtaining of such insurance coverage as Administrative Agent in its reasonable discretion deems appropriate. All premiums incurred by Administrative Agent in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower shall not be required to make deposits under this Section 6.3.1Administrative Agent upon demand and, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been until paid, shall be secured by the Mortgage and if such Policies are to expire within thirty (30) days, that shall bear interest at the premiums with respect to such blanket Policies for the next succeeding period have been paidDefault Rate.

Deposits of Insurance Funds. Pursuant to On the Cash Management AgreementClosing Date, upon Borrower shall deposit with Administrative Agent the occurrence amount of (a) a Trigger Event and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof$0.00 and, there thereafter, on each Monthly Payment Date, Borrower shall be deposited with Agent deposit on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably Administrative Agent estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. .” The Account in which the Insurance Funds are held shall hereinafter be referred to as the “Insurance Reserve Account.” If at any time Lender time, Administrative Agent reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender Administrative Agent shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender Administrative Agent estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that . In addition to the foregoing, if Borrower receives notice of any deficiency after Xxxxxxxx fails to renew the policy or policies required pursuant to Section 5.1 hereof by the date that which is thirty seven (307) days prior to the expiration date thereof, Xxxxxxxx agrees to notify Administrative Agent of the Policiessuch failure, and to keep Administrative Agent reasonably apprised of all developments in connection therewith, and if, following such notice, Administrative Agent reasonably believes that Borrower will deposit be unable to bind the policy or policies described in Section 5.1 prior to the expiration thereof, then Administrative Agent shall have the right, without notice to Borrower, to take such amount within three (3) Business Days after action as Administrative Agent deems necessary to protect its receipt interest in the Property, including, without limitation, the obtaining of such noticeinsurance coverage as Administrative Agent in its reasonable discretion deems appropriate. Notwithstanding the foregoing provisions of this Section 6.3.1All premiums incurred by Administrative Agent in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Administrative Agent upon demand and, if insurance coverages required hereunder are effected under one or more blanket insurance Policies in accordance with the terms set forth in Section 5.1.1(c), Borrower shall not be required to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that the premiums for such blanket insurance Policies have been until paid, shall be secured by the Mortgage and if such Policies are to expire within thirty (30) days, that shall bear interest at the premiums with respect to such blanket Policies for the next succeeding period have been paid.Default Rate. 6.3.2

Deposits of Insurance Funds. Pursuant Subject to the Cash Management Agreementterms of this Section 6.3.1, upon on the occurrence of (a) a Trigger Event Closing Date, and during the continuance of a Trigger Period or (b) an Event of Default and during the continuance thereof, there shall be deposited with Agent on each Monthly Payment Date thereafter, Borrower and/or Security Guarantor shall deposit an amount equal to one-twelfth of the Insurance Premiums that Lender reasonably Agent estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the PoliciesPolicies (the “Monthly Insurance Deposit”). Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. .” If at any time Lender Agent reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender Agent shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender Agent estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; . Notwithstanding the forgoing, neither Borrower nor Security Guarantor shall be required to make the Monthly Insurance Deposit as set forth above provided that if (i) no Event of Default shall have occurred and be continuing, (ii) the liability and casualty Policies maintained by Borrower receives notice and/or Security Guarantor covering the Property are part of any deficiency after a blanket or umbrella policy approved by Agent in its reasonable discretion, pursuant to Section 5.1.1(c) hereof, including, without limitation, approval of the date that is thirty schedule of locations and values, (30iii) Borrower provides Agent evidence of renewal of such Policy pursuant to Section 5.1.1(b) hereof, and (iv) Borrower and/or Security Guarantor provides Agent paid receipts for the payment of the Insurance Premiums by no later than ten (10) days prior to the expiration date dates of the Policies. Borrower and/or Security Guarantor shall promptly commence making all Monthly Insurance Deposits, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. Notwithstanding the foregoing provisions of as required by Agent pursuant to this Section 6.3.1, if insurance coverages required hereunder are effected under one within five (5) days of receipt of notice from Agent of Borrower’s and/or Security Guarantor’s failure to comply with items (i), (ii), (iii) or more blanket insurance Policies in accordance (iv) above, which such notice shall instruct Borrower and/or Security Guarantor to promptly commence making all Monthly Insurance Deposits, including, without limitation, an up-front payment as determined by Agent to cause the Insurance Funds (together with the terms set forth in Section 5.1.1(c), Borrower shall not anticipated Monthly Insurance Deposits) to be required sufficient to make deposits under this Section 6.3.1, provided that Borrower delivers to Lender certificates of insurance evidencing such blanket insurance Policies, together with evidence reasonably satisfactory to Lender that pay the premiums for such blanket insurance Policies have been paid, and if such Policies are to expire within thirty (30) days, that the premiums with respect to such blanket Policies for the next succeeding period have been paidInsurance Premiums when due.