Common use of Deposits of Tax Funds Clause in Contracts

Deposits of Tax Funds. Borrower shall deposit with Lender (i) on the Closing Date, an amount equal to $6,847,926.77 and (ii) on each Monthly Payment Date, an amount equal to one-twelfth of the Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, in order to accumulate sufficient funds to pay all such Property Taxes prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 are referred to herein as the “Tax Funds”. If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one (1) Business Day after its receipt of such notice.

Deposits of Tax Funds. Subject to the provisions of Section 3.1.3, Borrower shall deposit with Lender (i) such amount as Lender may reasonably require to establish the escrow for Taxes required under this Section 3.1.1. In addition, on the Closing Date, each Monthly Payment Date Borrower shall deposit with Lender an amount equal to $6,847,926.77 and (ii) on each Monthly Payment Date, an amount equal to one-one twelfth of the Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, months in order to accumulate sufficient funds to pay all such Property Taxes at least thirty (30) days prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 3.1.1 are referred to herein as the “Tax Funds”. If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, and the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, provided that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one (1) Business Day after its receipt of such notice.

Deposits of Tax Funds. Borrower shall deposit with Lender or Servicer on behalf of Lender (i) on or cause to be deposited with Lender or Servicer pursuant to the Closing DateCash Management Agreement), an amount equal to $6,847,926.77 and (ii) on each Monthly Payment DateDate during the continuance of a Cash Management Sweep Period, an amount equal to one-twelfth of the Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, months in order to accumulate sufficient funds to pay all such Property Taxes at least ten (10) days prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 are referred to herein as the “Tax Funds”. If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, and the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, provided that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one (1) Business Day after its receipt of such notice. The Tax Funds shall be held in the Tax Reserve Account (as defined in the Cash Management Agreement), which shall be an Interest Bearing Account.

Deposits of Tax Funds. On the Closing Date, Borrower shall deposit with Lender the amount of Twenty Nine Thousand Eight Hundred Forty Five and 90/100 Dollars (i$29,845.90) on and there shall be deposited to the Closing Date, an amount equal to $6,847,926.77 and (ii) appropriate Accounts on each Monthly Payment Date, Date an amount equal to one-twelfth of the Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, months in order to accumulate sufficient funds to pay all such Property Taxes at least ten (10) days prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 are referred to herein as the “Tax Funds”. .” If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, and the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due delinquent dates for the Property Taxes; provided, provided that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one two (12) Business Day Days after its receipt of such notice.

Deposits of Tax Funds. On the Closing Date, Borrower shall deposit with Lender the amount of One Hundred Thirty Two Thousand Four Hundred Eighty Eight and 44/100 Dollars (i$132,488.44) on the Closing Date, an amount equal to $6,847,926.77 and (ii) shall be deposited on each Monthly Payment Date, Date an amount equal to one-twelfth of the Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, months in order to accumulate sufficient funds to pay all such Property Taxes at least ten (10) days prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 are referred to herein as the “Tax Funds”. If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, and the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, provided that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one (1) Business Day after its receipt of such notice.

Deposits of Tax Funds. On the Closing Date, Borrower shall deposit with Lender (i) on the Closing Date, an amount equal to One Million Nine Hundred Five Thousand Eight Hundred Sixty-Eight and 36/100 Dollars ($6,847,926.77 and (ii1,905,868.40) and, on each Monthly Payment Date, Borrower shall deposit with Lender an amount equal to one-twelfth (1/12) of the Property Taxes (the “Monthly Tax Deposit”) that Lender reasonably estimates will be payable during the next ensuing twelve (12) months, months in order to accumulate sufficient funds to pay all such Property Taxes at least thirty (30) days prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 are referred to herein as the “Tax Funds”. ” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Tax Account.” If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property TaxesTaxes at least thirty (30) days prior to the respective due dates, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, and the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten thirty (1030) days prior to the respective due dates for the Property Taxes; provided, provided that if Borrower receives notice of any such deficiency after the date that is ten thirty (1030) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one two (12) Business Day Days after its receipt of such notice.

Deposits of Tax Funds. On the Closing Date, Borrower shall deposit with Lender the amount of Five Hundred Two Thousand Seven Hundred Sixty-Eight and 35/100 Dollars (i$502,768.35) on the Closing Dateand, an amount equal to $6,847,926.77 and (ii) on each Monthly Payment Date, Date Borrower shall deposit with Lender an amount equal to one-twelfth of the Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, months in order to accumulate sufficient funds to pay all such Property Taxes at least ten (10) days prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 are referred to herein as the “Tax Funds”. If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, and the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, provided that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one two (12) Business Day Days after its receipt of such notice.

Deposits of Tax Funds. Borrower shall deposit with Lender (i) on the Closing Date, an amount equal to $6,847,926.77 initial deposit and (ii) on each Monthly Payment Date, an amount equal to one-twelfth of the Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, in order to accumulate sufficient funds to pay all such Property Taxes at least thirty (30) days prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 6.3.1 are referred to herein as the “Tax Funds”. If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, and the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one (1) Business Day after its receipt of such notice.

Deposits of Tax Funds. On the Closing Date, Borrower shall deposit with Lender Agent the amount of $3,461,600 (iwhich amount shall constitute a portion of the Tax Funds) on and, pursuant to the Closing DateCash Management Agreement, an amount equal to $6,847,926.77 and (ii) there shall be deposited on each Monthly Payment Date, Date an amount equal to one-twelfth of the Property Taxes that Lender reasonably estimates will be payable during the next ensuing twelve (12) months, months in order to accumulate sufficient funds to pay all such Property Taxes at least ten (10) days prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 are referred to herein as the “Tax Funds”. If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, and the monthly deposits for Property Taxes shall be increased by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, provided that if Borrower receives written notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one three (13) Business Day Days after its receipt of such notice.

Deposits of Tax Funds. Borrower Pursuant to the Cash Management Agreement, upon the occurrence of an Escrow Reserve Trigger Event and during the continuance of an Escrow Reserve Period, there shall deposit be deposited with Lender (i) on the Closing Date, an amount equal to $6,847,926.77 and (ii) Agent on each Monthly Payment Date, Date an amount equal to one-twelfth of the Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, months in order to accumulate sufficient funds to pay all such Property Taxes at least ten (10) days prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 6.2.1, together with interest earned thereon, are referred to herein as the “Tax Funds”. If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, and the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, provided that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one (1) Business Day after its receipt of such notice. Provided no Escrow Reserve Period exists, all Tax Funds on deposit shall be promptly returned to Borrower on or before the following Monthly Payment Date. The Tax Funds shall be held in an interest-bearing account.

Deposits of Tax Funds. On the Closing Date, Borrower shall deposit with Lender (i) on the Closing Date, an amount equal to Ninety Thousand Seven Hundred-Eleven and 30/100 Dollars ($6,847,926.77 and (ii90,711.30) and, on each Monthly Payment Date, Borrower shall deposit with Lender an amount equal to one-twelfth (1/12) of the Property Taxes (the “Monthly Tax Deposit”) that Lender estimates will be payable during the next ensuing twelve (12) months, months in order to accumulate sufficient funds to pay all such Property Taxes at least thirty (30) days prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 are referred to herein as the “Tax Funds”. ” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Tax Account.” If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property TaxesTaxes at least thirty (30) days prior to the respective due dates, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, and the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten thirty (1030) days prior to the respective due dates for the Property Taxes; provided, provided that if Borrower receives notice of any such deficiency after the date that is ten thirty (1030) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one (1) Business Day after its receipt of such notice.

Deposits of Tax Funds. On the Closing Date, Borrower shall deposit with Lender the amount of One Hundred Thirty Two Thousand Four Hundred Eighty Eight and 44/100 Dollars (i$132,488.44) on the Closing Date, an amount equal to $6,847,926.77 and (ii) shall deposited with Lender on each Monthly Payment Date, Date an amount equal to one-twelfth of the Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, months in order to accumulate sufficient funds to pay all such Property Taxes at least ten (10) days prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 are referred to herein as the “Tax Funds”. If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, and the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, provided that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one (1) Business Day after its receipt of such notice.

Deposits of Tax Funds. On the Closing Date, Borrower shall deposit with Lender the amount of One Hundred Thirty Two Thousand Four Hundred Eighty Eight and 44/100 Dollars (i$132,488.44) on the Closing Date, an amount equal to $6,847,926.77 and (ii) shall be deposited on each Monthly Payment Date, Date an amount equal to one-twelfth twelfth, of the Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, months in order to accumulate sufficient funds to pay all such Property Taxes at least ten (10) days prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”). Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 are referred to herein as the “Tax Funds”. If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, and the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, provided that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one (1) Business Day after its receipt of such notice.