ESCROW FOR TAXES AND INSURANCE. Standard Federal, in its sole discretion, shall be entitled to require Borrower to pay to Standard Federal monthly such amounts as Standard Federal from time to time estimates as necessary to create and maintain a reserve fund from which to pay before the same become due all taxes, assessments and other charges and encumbrances levied on the Project and premiums for insurance as are herein covenanted to be paid by Borrower and when such taxes, assessments and other charges and encumbrances and insurance premiums become due and payable, Standard Federal shall pay the same to the extent funds are available from the reserve fund; provided, however, that Standard Federal shall have no liability for any failure to so pay taxes, assessments and other charges and encumbrances or insurance premiums for any reason whatsoever. In the event that sufficient funds have not been deposited as aforesaid to cover the amount of such taxes, assessments and other charges and encumbrances and insurance premiums when the same become due and payable, Borrower shall forthwith upon request by Standard Federal pay such balance to Standard Federal. Standard Federal shall not be required to pay Borrower any interest or earnings whatever on the funds held by Standard Federal for the payment of such taxes, assessments and other charges and encumbrances or for the payment of insurance premiums, or on any other funds deposited with Standard Federal in connection with this Mortgage. Upon the occurrence of an Event of Default under this Mortgage, any of such monies then remaining on deposit with Standard Federal may be applied against the indebtedness hereby secured immediately upon or at any time after the occurrence of an Event of Default, and without notice to Borrower. Further, Standard Federal may make payments from any of such monies on deposit with Standard Federal for taxes, assessments, other charges or encumbrances or insurance premiums on or with respect to the Project notwithstanding that subsequent owners of the Project may benefit thereby.
ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow.
ESCROW FOR TAXES AND INSURANCE. At the request of Beneficiary, Borrower shall create a fund or reserve for the payment of all insurance premiums, taxes, and assessments against the Property by paying to Beneficiary contemporaneously with each installment of principal and interest on the note a sum equal to the premiums that will next become due and payable on the hazard insurance policies covering the Property, or any part thereof, plus taxes and assessments next due on the Property or any part thereof, as estimated by Beneficiary, less all sums paid previously to Beneficiary, divided by the number of months to elapse before one month prior to the date when such premiums, taxes, and assessments will become delinquent, such sums to be held by Beneficiary without interest, for the purpose of paying such premiums, taxes, and assessments. Any excess reserve shall, at the discretion of Beneficiary therefor, be credited by Beneficiary on subsequent payments to be made on the Indebtedness, and any deficiency shall be paid by Borrower to Beneficiary on or before the date when such premiums, taxes, and assessments shall become delinquent. Transfer of legal title to the Property shall automatically transfer to the transferee title in all sums deposited under the provisions of this Section.
ESCROW FOR TAXES AND INSURANCE. Maker shall pay, in addition to the installments payable under the Note, on the same day as such installments are due and payable, a sum equal to 1/12th of the estimated annual taxes, hazard and rental insurance premiums, and special assessments, if any, next due on the Mortgaged Property. If the amount so paid is not sufficient to pay such taxes, insurance premiums and assessments when due, then Maker will immediately deposit with Noteholder amounts sufficient to pay the same. Funds deposited by Maker pursuant to this provision shall be used to pay such taxes, insurance premiums and assessments when due, provided that Maker has furnished Noteholder with all tax statements, premium notices and other such notices at least thirty (30) days prior to the date that any such taxes, premiums and assessments may be due. If there is a default under the provisions of the Note or of this Mortgage, Noteholder may elect, at any time after default, to apply the funds accumulated under this provision against the Indebtedness in any manner or order. No interest shall accrue or be allowed on any payments under the provisions of this paragraph. Noteholder shall not be required to deposit or hold monies in an account special or separate from its general funds. Maker expressly releases Noteholder from any liability to Maker arising out of the maintenance by Noteholder of an escrow as provided herein or for payment of any sums out of such escrow. Maker further indemnifies Noteholder against claims arising out of payment of taxes or insurance premiums where Maker has failed to provide Noteholder with tax statements and premium notices as required hereby. The maintenance by Noteholder of an escrow for taxes and insurance shall not relieve Maker of its obligations under this Mortgage respecting taxes and insurance on the Mortgaged Property.
ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Grantor will not be required to pay to Lender funds for taxes and insurance in escrow.
ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Trustor will not be required to pay to Beneficiary funds for taxes and insurance in escrow.
ESCROW FOR TAXES AND INSURANCE if otherwise provided in a separate agreement, Mortgagor may be required to pay to Lender funds for taxes and insurance in escrow. 19.
ESCROW FOR TAXES AND INSURANCE. Upon the occurrence of any default by Lessee which is not cured within the applicable grace period, Lessor may require Lessee to make payments on a monthly basis of the sums required to be paid under the Lease by Lessee for real estate taxes and insurance premiums.
ESCROW FOR TAXES AND INSURANCE. Lender may, at Lender's option, require Borrower to deposit with Lender, on the date of each regular payment as required by the Note, until the Note is fully paid, an amount equal to one twelfth or such proportionate share of the annual premiums for insurance and annual real and personal property taxes and assessments as estimated by the Lender to be sufficient to enable the Lender to Pay such charges at least 30 days before they become due. Such deposit shall be placed by Lender in an account segregated fxxx Xxnder's operating account(s) in x xxxxncial institution whose accounts are insured by the Federal Government. No interest shall be payable on such funds. Upon Lender's demand, Borrower agrees xx xxxiver to Lenxxx xxxx additional monies as are necessary to enable Lender to pay such insurance premiums, taxes and assessments when due. In the event of default in the Note or this Mortgage, Lender may apply any deposits so held, as well as any return premium received from the cancellation of any insurance policy by Lender upon the foreclosure of this Mortgage, to the indebtedness secured by this Mortgage.
ESCROW FOR TAXES AND INSURANCE. At the option of Mortgagee after the occurrence of any Event of Default which has not been cured within any applicable notice and cure period, Mortgagor shall pay to Mortgagee, on each date upon which *installments are payable under the Note, such amounts as Mortgagee from time to time estimates are necessary to pay, as the same become due, all taxes, assessments and charges for the Mortgaged Premises, together with the premiums on all required insurance policies. Mortgagee shall hold such deposits without interest in its general funds and use such deposits to pay such taxes, assessments, charges and premiums when the same shall become due. Upon demand of Mortgagee, Mortgagor shall deliver to Mortgagee, within ten H:\users\wp\credit\ssr\free3.5\documts\mtg-sprd.cn4:5.29.97:jan 16 (10) days after demand, such additional monies as are necessary to make up any deficiencies in the amounts held by Mortgagee in order to pay the obligations for which the escrow has been established. Upon the occurrence of an Event of Default, Mortgagee may apply any amount held under this Section 8 to the reduction of the *ndebtedness secured hereby, at such times and in such manner as Mortgagee shall determine. 9.
