Common use of Escrow for Taxes Clause in Contracts

Escrow for Taxes. The Lender may require at any time that escrow payments as to taxes and assessments be paid to it by the Borrower, during the term of this Mortgage. In such event, the Borrower shall pay to 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 Lender from time to time estimates is necessary to create and maintain a reserve fund from which to pay, before the same become due, all taxes and govern- mental assessments relating to the Property and as additional security for the debt secured by this Mortgage. Said payments may be, at the discretion of the Lender, a monthly sum and amount equal to one-twelfth (1/12) of the estimated annual taxes and assessments upon the Property, as the amount thereof is reasonably determined from time to time by Lender. In the event such monthly escrow payments are insufficient to pay for said taxes and assessments when due, Lender may demand of Borrower that the amount of such payments be increased and/or Lender may demand that the difference be paid to it by the Borrower, and Borrower shall immediately comply with such demands. Interest shall be due to Borrower on such deposits. Payments from said reserve fund for said purposes may be made by the Lender at its discretion even though subsequent owners of the 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 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. Provided however, at all times during the term of this Mortgage: (i) Borrower shall provide to Lender documentary evidence that all insurances required by this Mortgage have been prepaid (within fifteen (15) days of the prepayment of the same); and

Escrow for Taxes. The Lender may require If required by Landlord’s mortgagee at any time that escrow payments as to after a default by Tenant in the payment of Base Rent, taxes and assessments be paid to it by the Borroweror any other monetary obligation under this Lease, Tenant thereafter shall pay all Taxes accruing during the term hereof to Landlord in monthly installments on or before the first day of each calendar month, in advance, in an amount estimated by Landlord’s mortgagee. Upon receipt of all statements for Taxes due for a calendar year, Landlord shall submit to Tenant a written statement of the actual amount of the Taxes for such year and the amount, if any, then paid by Tenant. If the total amount paid by Tenant under this Mortgage. In Article 1.1 for any year shall be more or less than the actual amount due from Tenant for such eventyear, the Borrower as shown in such statement, either Tenant shall pay to Lender, to Landlord the extent requested by the Lender, on dates upon which interest is payable or as otherwise directed by the Lender such amounts as Lender from time to time estimates is necessary to create and maintain a reserve fund from which to pay, before the same become due, all taxes and govern- mental assessments relating to the Property and as additional security for the debt secured by this Mortgage. Said payments may be, at the discretion shortfall within ten days after receipt of the Lender, a monthly sum and amount equal statement or such excess shall be credited against the next installment of Taxes due from Tenant to one-twelfth (1/12) of the estimated annual taxes and assessments upon the PropertyLandlord hereunder, as the amount thereof case may be. All amounts due hereunder shall be payable to Landlord at the place where the rental is reasonably determined from time payable and shall be held in an interest bearing account for the benefit of Tenant with a financial institution designated by Landlord’s mortgagee. A copy of a Tax xxxx submitted by Landlord to time by Lender. In the event such monthly escrow payments are insufficient to pay for said taxes and assessments when due, Lender may demand Tenant shall at all times be sufficient evidence of Borrower that the amount of Taxes levied, assessed or imposed against the Premises to which such payments be increased and/or Lender may demand that xxxx relates. Landlord’s and Tenant’s obligations under this Section shall survive the difference be paid to it by the Borrower, and Borrower shall immediately comply with such demands. Interest shall be due to Borrower on such deposits. Payments from said reserve fund for said purposes may be made by the Lender at its discretion even though subsequent owners expiration of the Property described herein may benefit therebyLease Term. In the event of any default by Tenant hereunder, any such deposits may be used by Landlord to cure the default, but Landlord shall be under this Mortgage which is not cured within the curative period set forth herein Lender at its discretion no obligation to do so and option may Tenant shall have no authority to direct Landlord to apply all or such deposits against any part obligation 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. Provided however, at all times during the term of this Mortgage: (i) Borrower shall provide to Lender documentary evidence that all insurances required by this Mortgage have been prepaid (within fifteen (15) days of the prepayment of the same); andTenant hereunder.

Escrow for Taxes. The Lender may require If required by Landlord’s mortgagee at any time that escrow payments after a default by Tenant in the payment of base rental, taxes or any other monetary obligation under this Lease, Tenant thereafter shall pay all Taxes accruing during the term hereof to Landlord in monthly installments on or before the first day of each calendar month, in advance, in an amount estimated by Landlord’s mortgagee. Upon receipt of all statements for Taxes due for a calendar year, Landlord shall submit to Tenant a written statement of the actual amount of the Taxes for such year and the amount, if any, then paid by Tenant. If the total amount paid by Tenant under this Section 6.1 for any year shall be more or less than the actual amount due from Tenant for such year, as shown in such statement, either Tenant shall pay to taxes Landlord the shortfall within ten days after receipt of the statement or such excess shall be credited against the next installment of Taxes due from Tenant to Landlord hereunder, as the case may be. All amounts due hereunder shall be payable to Landlord at the place where the rental is payable and assessments shall be paid held in an interest bearing account for the benefit of Tenant with a financial institution designated by Landlord’s mortgagee. A copy of a Tax xxxx submitted by Landlord to it by Tenant shall at all times be sufficient evidence of the Borroweramount of Taxes levied, during assessed or imposed against the Premises to which such xxxx relates. Landlord’s and Tenant’s obligations under this Section shall survive the expiration of the term of this Mortgage. In such event, the Borrower shall pay to 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 Lender from time to time estimates is necessary to create and maintain a reserve fund from which to pay, before the same become due, all taxes and govern- mental assessments relating to the Property and as additional security for the debt secured by this Mortgage. Said payments may be, at the discretion of the Lender, a monthly sum and amount equal to one-twelfth (1/12) of the estimated annual taxes and assessments upon the Property, as the amount thereof is reasonably determined from time to time by Lender. In the event such monthly escrow payments are insufficient to pay for said taxes and assessments when due, Lender may demand of Borrower that the amount of such payments be increased and/or Lender may demand that the difference be paid to it by the Borrower, and Borrower shall immediately comply with such demands. Interest shall be due to Borrower on such deposits. Payments from said reserve fund for said purposes may be made by the Lender at its discretion even though subsequent owners of the Property described herein may benefit therebyLease. In the event of any default by Tenant hereunder, any such deposits may be used by Landlord to cure the default, but Landlord shall be under this Mortgage which is not cured within the curative period set forth herein Lender at its discretion no obligation to do so and option may Tenant shall have no authority to direct Landlord to apply all or such deposits against any part obligation 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. Provided however, at all times during the term of this Mortgage: (i) Borrower shall provide to Lender documentary evidence that all insurances required by this Mortgage have been prepaid (within fifteen (15) days of the prepayment of the same); andTenant hereunder.

Escrow for Taxes. The Lender may require If required by Landlord’s mortgagee at any time that escrow payments after a default by Tenant in the payment of base rental, taxes or any other monetary obligation under this Lease, Tenant thereafter shall pay all Taxes accruing during the term hereof to Landlord in monthly installments on or before the first day of each calendar month, in advance, in an amount estimated by Landlord’s mortgagee. Upon receipt of all statements for Taxes due for a calendar year, Landlord shall submit to Tenant a written statement of the actual amount of the Taxes for such year and the amount, if any, then paid by Tenant. If the total amount paid by Tenant under this Section 6.1 for any year shall be more or less than the actual amount due from Tenant for such year, as shown in such statement, either Tenant shall pay to taxes Landlord the shortfall within ten days after receipt of the statement or such excess shall be credited against the next installment of Taxes due from Tenant to Landlord hereunder, as the case may be. All amounts due hereunder shall be payable to Landlord at the place where the rental is payable and assessments shall be paid held in an interest bearing account for the benefit of Tenant with a financial institution designated by Landlord’s mortgagee. A copy of a Tax bxxx submitted by Landlord to it by Tenant shall at all times be sufficient evidence of the Borroweramount of Taxes levied, during assessed or imposed against the Premises to which such bxxx relates. Landlord’s and Tenant’s obligations under this Section shall survive the expiration of the term of this Mortgage. In such event, the Borrower shall pay to 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 Lender from time to time estimates is necessary to create and maintain a reserve fund from which to pay, before the same become due, all taxes and govern- mental assessments relating to the Property and as additional security for the debt secured by this Mortgage. Said payments may be, at the discretion of the Lender, a monthly sum and amount equal to one-twelfth (1/12) of the estimated annual taxes and assessments upon the Property, as the amount thereof is reasonably determined from time to time by Lender. In the event such monthly escrow payments are insufficient to pay for said taxes and assessments when due, Lender may demand of Borrower that the amount of such payments be increased and/or Lender may demand that the difference be paid to it by the Borrower, and Borrower shall immediately comply with such demands. Interest shall be due to Borrower on such deposits. Payments from said reserve fund for said purposes may be made by the Lender at its discretion even though subsequent owners of the Property described herein may benefit therebyLease. In the event of any default by Tenant hereunder, any such deposits may be used by Landlord to cure the default, but Landlord shall be under this Mortgage which is not cured within the curative period set forth herein Lender at its discretion no obligation to do so and option may Tenant shall have no authority to direct Landlord to apply all or such deposits against any part obligation 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. Provided however, at all times during the term of this Mortgage: (i) Borrower shall provide to Lender documentary evidence that all insurances required by this Mortgage have been prepaid (within fifteen (15) days of the prepayment of the same); andTenant hereunder.