Common use of ESCROW FOR TAXES AND INSURANCE Clause in Contracts

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. Standard FederalGrantor shall, in its sole discretionupon written request therefor by Grantee to Grantor, 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 following the occurrence of an Event of Default, which request maybe withdrawn and without notice remade from time to Borrower. Furthertime at the discretion of Grantee, Standard Federal may make payments from any of such monies pay to Grantee on deposit with Standard Federal for a monthly basis as hereafter set forth a sum equal to the municipal and other governmental real estate taxes, assessmentsother assessments next due on the real property described in this Mortgage and all premiums next due for fire and other casualty insurance required of Grantor hereunder, other charges or encumbrances or insurance premiums on or with respect less all sums already paid therefor, divided by the number of months to elapse not less than one (1) month prior to the Project notwithstanding that subsequent owners date when said taxes and assessments will become delinquent and when such premiums will become due. Such sums as estimated by Grantee shall be paid with monthly payments of interest due pursuant to the terms of the Project indebtedness secured by this Mortgage and such sums shall be held at no interest by Grantee to pay said taxes, assessments and premiums before the same become delinquent. Grantor agrees that should there be insufficient funds so deposited with Grantee for said taxes, assessments and premiums when due, it will upon demand by Grantee promptly pay to Grantee amounts necessary to make such payments in full; any surplus funds may benefit therebybe applied toward the payment of the indebtedness secured by this mortgage or credited toward future such taxes, assessments and premiums; if Grantee shall have commenced foreclosure proceedings, the Grantee may apply such funds toward the payment of the mortgage indebtedness without causing thereby a waiver of any rights, statutory or otherwise, and specifically such application shall not constitute a waiver of the right of foreclosure hereunder. Grantor hereby assigns to Grantee all the foregoing sums so held hereunder for such purposes.

ESCROW FOR TAXES AND INSURANCE. Standard FederalGrantor shall, in its sole discretionupon written request therefor by Grantee to Grantor, shall which request may be entitled to require Borrower to pay to Standard Federal monthly such amounts as Standard Federal withdrawn and remade from time to time estimates at the discretion of Grantee, pay to Grantee on a monthly basis as necessary hereafter set forth a sum equal to create the municipal and maintain a reserve fund from which other governmental real estate taxes, other assessments next due on the real property described in this Mortgage and all premiums next due for fire and other casualty insurance required of Grantor hereunder, less all sums already paid therefor, divided by the number of months to elapse not less than one (1) month prior to the date when said taxes and assessments will become delinquent and when such premiums will become due. Such sums as estimated by Grantee shall be paid with monthly payments of interest due pursuant to the terms of the indebtedness secured by this Mortgage and such sums shall be held at no interest by Grantee to pay said taxes, assessments and premiums before the same become due all delinquent. Grantor agrees that should there be insufficient funds so deposited with Grantee for said taxes, assessments and other charges and encumbrances levied on premiums when due, it will upon demand by Grantee promptly pay to Grantee amounts necessary to make such payments in full; any surplus funds may be applied toward the Project and premiums for insurance as are herein covenanted to be paid payment of the indebtedness secured by Borrower and when this mortgage or credited toward future 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 fundpremiums; provided, however, that Standard Federal if Grantee shall have no liability for any failure to so pay taxescommenced foreclosure proceedings, assessments and other charges and encumbrances or insurance premiums for any reason whatsoever. In the event that sufficient Grantee may apply such 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 toward the payment of such taxesthe mortgage indebtedness without causing thereby a waiver of any rights, assessments and other charges and encumbrances statutory 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 Defaultotherwise, and without notice to Borrower. Further, Standard Federal may make payments from any of specifically 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 application shall not constitute a waiver of the Project may benefit therebyright of foreclosure hereunder. Grantor hereby assigns to Grantee all the foregoing sums so held hereunder for such purposes.

ESCROW FOR TAXES AND INSURANCE. Standard Federal, in its sole discretionafter the occurrence of an Event of Default, 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. Standard FederalThe Lender may require at any time that escrow payments as to taxes, in its sole discretionassessments and insurance be paid to it by the Grantor, during the term of this Deed of Trust. In such event, the Grantor shall be entitled to require Borrower to pay to Standard Federal monthly Lender, to the extent requested by the Lender, on dates upon which interest is payable or as otherwise directed by the Lender such amounts as Standard Federal Lender from time to time estimates as it necessary to create and maintain a reserve fund from which to pay pay, before the same become due due, all taxesInsurance premiums, taxes and governmental assessments relating to the Property and other charges as additional security for the debt secured by this Deed of Trust. Said payments may be, at the discretion of the Lender, a monthly sum and encumbrances levied on amount equal to one-twelfth (1/12) of 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 estimated annual insurance premiums become due and payabletaxes and assessments upon the Property, Standard Federal shall pay as the same amount thereof is determined from time 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 whatsoevertime by Lender in its sole discretion. In the event such monthly escrow payments are insufficient to pay for said insurance premiums, taxes and assessments when due, Lender may demand of Grantor that sufficient funds have not been deposited as aforesaid to cover the amount of such taxes, assessments payments be increased and/or Lender may demand that the difference be paid to it by the Grantor and other charges and encumbrances and insurance premiums when the same become Grantor shall immediately comply with such demands. There shall be no interest due and payable, Borrower shall forthwith upon request by Standard Federal pay to Grantor on such balance to Standard Federaldeposits. Standard Federal shall not be required to pay Borrower any interest or earnings whatever on the funds held by Standard Federal Payments from said reserve fund 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 said purposes may be applied against made by the indebtedness hereby secured immediately upon or Lender 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 its discretion even though subsequent owners of the Project Property described herein may benefit therebyhereby. In the event of any default under this Deed of Trust which is not cured within the curative period set forth herein, Lender at its discretion and option may apply all or any part of said reserve fund to the indebtedness hereby secured. In refunding any part of said reserve fund, the Lender may deal with whomsoever is represented to be the owner of the Property at that time.

ESCROW FOR TAXES AND INSURANCE. Standard FederalAfter any default not cured within any applicable notice and curative periods in this Mortgage or any of the other documents that evidence and secure the Note, in its sole discretionBank may require at any time that escrow payments as to taxes, assessments and insurance be paid to it by Mortgagor, during the term of this Mortgage. In such event, Mortgagor shall be entitled to require Borrower to pay to Standard Federal monthly Bank, to the extent requested by Bank, on dates upon which interest is payable or as otherwise directed by Bank such amounts as Standard Federal Bank from time to time estimates as is necessary to create and maintain a reserve fund from which to pay pay, before the same become due due, all taxesinsurance premiums, taxes and governmental assessments relating to the Property as additional security for the debt secured by this Mortgage. Said payments may be, at the discretion of Bank, a monthly sum and other charges and encumbrances levied on amount equal to one-twelfth of 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 estimated annual insurance premiums become due and payable, Standard Federal shall pay taxes and assessments upon 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 whatsoeverProperty. In the event such monthly escrow payments are insufficient to pay for said insurance premiums, taxes and assessments when due, Bank may demand of Mortgagor that sufficient funds have not been deposited as aforesaid to cover the amount of such taxespayments be increased and/or Bank may demand that the difference be paid to it by Mortgagor, assessments and other charges and encumbrances and insurance premiums when Mortgagor shall immediately comply with such demands. There shall be no interest due to Mortgagor on such deposits. Payments from 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 reserve fund 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 these purposes may be applied against the indebtedness hereby secured immediately upon or made by Bank 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 its discretion even though subsequent owners of the Project Property described herein may benefit thereby. In the event of any default under this Mortgage which is not cured within the curative period set forth herein, Bank, at its discretion and option, may apply all or any part of the reserve fund to the indebtedness hereby secured. In refunding any part of the reserve fund, Bank may deal with whomsoever is represented to be the owner of the Property at that time.