Common use of Deposits of Insurance Funds Clause in Contracts

Deposits of Insurance Funds. Borrowers shall deposit with or on behalf of Lender 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 6.4.1 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 Borrowers 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. For the avoidance of doubt, if deposits into the Insurance Account are no longer suspended pursuant to Section 6.4.3, Borrower shall be required to resume making deposits for Insurance Premiums with respect to any Policies required pursuant to Section 5.1 that are not maintained by the Condo Association in accordance with Section 5.1 hereof. Borrower shall not be required to make deposits for Insurance Premiums pursuant to this Section 6.4.1 with respect to any Policies maintained by the Condo Association in accordance with Section 5.1 hereof.

Deposits of Insurance Funds. Borrowers shall deposit with or on behalf of Lender At all times during a Cash Sweep Period, Borrower shall, pursuant to the Cash Management Agreement, make deposits on each Monthly Payment Date, Date in 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, 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 6.4.1 6.3.1 are referred to herein as the “Insurance Funds”. If at any time deposits are required to be made pursuant to this Section 6.3.1 and Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrowers 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. For Notwithstanding the avoidance foregoing, deposits of doubt, if deposits into the Insurance Account are no longer suspended pursuant to Funds under this Section 6.4.3, Borrower shall be required to resume making deposits for Insurance Premiums with respect to any Policies required pursuant to Section 5.1 that are not maintained by the Condo Association in accordance with Section 5.1 hereof. Borrower 6.3.1 shall not be required to make deposits for in respect of Insurance Premiums pursuant to this Section 6.4.1 with respect to any payable under Blanket Policies maintained by the Condo Association Borrower in accordance with Section 5.1 hereof.

Deposits of Insurance Funds. Borrowers On the Closing Date, Borrower shall deposit with or on behalf Agent the amount of Lender 0.00 and No/100 Dollars and, pursuant to the Cash Management Agreement, there shall be deposited on each Monthly Payment Date, 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, 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 6.4.1 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 Borrowers 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. For Notwithstanding the avoidance foregoing, so long as no Event of doubt, if deposits into the Insurance Account are no longer suspended pursuant to Section 6.4.3, Borrower shall be required to resume making deposits for Insurance Premiums with respect to any Policies required pursuant to Section 5.1 that are not maintained by the Condo Association in accordance with Section 5.1 hereof. Default has occurred and is continuing then Borrower shall not be required to make deposits for monthly payments of Insurance Premiums pursuant to this Section 6.4.1 with respect to any Policies maintained by the Condo Association in accordance with Section 5.1 hereofFunds.