Common use of Escrow of Impositions Clause in Contracts

Escrow of Impositions. Consistent with and pursuant to the terms of the Real Estate Tax Escrow Agreement, Tenant shall deposit with Landlord on the first day of each month a sum equal to 1/12th of the Impositions assessed against the Leased Property for the preceding tax year for real estate taxes, which sums shall be used by Landlord toward payment of such Impositions. In addition, if an Event of Default occurs and while it remains uncured, Tenant shall, at Landlord’s election, deposit with Landlord on the first day of each month a sum equal to 1/12th of the Impositions assessed against the Leased Property for the preceding tax year other than for real estate taxes, which sums shall be used by Landlord toward payment of such Impositions. Tenant, on demand, shall pay to Landlord any additional funds necessary to pay and discharge the obligations of Tenant pursuant to the provisions of this section. The receipt by Landlord of the payment of such Impositions by and from Tenant shall only be as an accommodation to Tenant, the mortgagees, and the taxing authorities, and shall not be construed as rent or income to Landlord, Landlord serving, if at all, only as a conduit for delivery purposes. The foregoing provision shall become applicable only at such time as the escrow of Impositions is not required by Lender, it being understood and agreed that for so long as Lender requires that the real estate tax portion of the Imposition be escrowed with Lender, Tenant shall be deemed to have fulfilled its obligations under this §3.3 with respect to the real estate tax portion of the Imposition provided Tenant receives notice either from Lender or from Landlord as required pursuant to §15.12.3 and then Tenant makes the required escrow payment of the real estate tax portion of the Imposition to Lender as and when due.

Escrow of Impositions. Consistent (a) In order to assure the payment of all Impositions, Tenant, upon the demand of Landlord at any time after the occurrence of an Event of Default hereunder that arises from Tenant’s failure to pay Rental in accordance with and pursuant to the terms of the Real Estate Tax Escrow AgreementSection 24.01(a), Tenant shall deposit with Landlord Depository on the first day of each month a sum during the Term, an amount equal to 1/12th one-twelfth (1/12th) of the annual Impositions assessed against then in effect. (b) If at any time the Leased Property monies so deposited by Tenant shall be insufficient to pay the next installment of Impositions then due, Tenant shall, after demand therefor by Landlord deposit the amount of the insufficiency with Depository to enable Depository to pay the next installment of Impositions at least thirty (30) days prior to the Due Date thereof. (c) Depository shall hold the deposited monies in a segregated, non-commingled, special account for the preceding tax year purpose of paying the charges for real estate taxeswhich such amounts have been deposited as they become due, which sums and Depository shall apply the deposited monies for such purpose not later than the Due Date for such charges. (d) If at any time the amount of any Imposition is increased or Landlord receives a notice from the entity or entities imposing such Imposition that an Imposition will be increased and the monthly deposits then being made by Tenant under this Section 5.01 would be insufficient to pay such Imposition thirty (30) days prior to the Due Date thereof, then upon notice from Landlord to Tenant of such fact, the monthly deposits shall thereupon be increased and Tenant shall deposit immediately with Depository sufficient monies for the payment of the increased Imposition. Thereafter, the monthly payments shall be used by Landlord toward adjusted so that Depository shall receive from Tenant sufficient monies to pay each Imposition at least thirty (30) days prior to the Due Date of such Imposition. (e) For the purpose of determining whether Depository has on hand sufficient monies to pay any particular Imposition at least thirty (30) days prior to the Due Date thereof, deposits for each category of Imposition shall be treated separately. Depository shall not be obligated to use monies deposited for the payment of such Impositions. In additionan Imposition not yet due and payable for the payment of an Imposition that is due and payable. (f) Notwithstanding the foregoing, if an Event (i) monies deposited under this Lease may be held by Depository in a single bank account that satisfies the requirements of Default occurs Section 5.01(c), and while it remains uncured, Tenant (ii) Depository shall, at Landlord’s electionoption and direction and if Tenant shall fail to make any payment or perform any obligation required under this Lease, deposit with use any monies deposited pursuant to Article 4 or 5 for the payment of any Rental. (g) If this Lease shall be terminated by reason of any Event of Default or if dispossession occurs pursuant to Section 24.03(b), all deposited monies under this Article 5 then held by Depository shall be paid to and applied by Landlord on in payment of any and all sums due and payable by Tenant under this Lease and Tenant shall promptly pay the first day resulting deficiency. If there is any excess in the monies held by Depository upon the expiration or any earlier termination of each month a sum equal this Lease, then Landlord shall direct the Depository to 1/12th pay Tenant upon the termination or expiration of this Lease the excess, if any, of the Impositions assessed against the Leased Property for the preceding tax year other than for real estate taxes, which deposited monies under this Article 5 over any sums due and payable by Tenant under this Lease. (h) Any interest paid on monies deposited pursuant to this Article 5 shall be used by Landlord toward payment of such Impositions. Tenant, on demand, shall pay to Landlord any additional funds necessary to pay and discharge the obligations of Tenant applied pursuant to the foregoing provisions against amounts thereafter becoming due and payable by Tenant or, upon termination or expiration of this Lease, shall be promptly returned to Tenant. (i) Anything in this Article 5 to the contrary notwithstanding, if the Event of Default which gave rise to Landlord having demanded that Tenant make deposits under this Section 5.01 shall have been cured by Tenant and for a period of six (6) consecutive months following such cure no Event of Default shall have occurred that arises from Tenant’s failure to comply with the provisions of Article 4 of this section. The receipt by Landlord Lease, then, at any time after the expiration of such six (6) month period, promptly upon the demand of Tenant, provided that no subsequent uncured Event of Default shall have occurred under Article 4 of this Lease and at such time Tenant is current in the payment of such Impositions Rental, all monies deposited under this Article 5 then held by Depository, with the interest, if any, accrued thereon, shall be returned to Tenant and from Tenant shall only be as an accommodation to Tenant, the mortgagees, and the taxing authorities, and shall not be construed as rent required to make further deposits under this Article 5 unless and until there shall occur a subsequent Event of Default and Landlord shall make demand upon Tenant to make deposits for Impositions. (j) In the event that a Mortgagee shall require Tenant to deposit funds to insure payment of Impositions, any amount so deposited by Tenant with such Mortgagee or income with such Mortgagee’s designee shall be credited against the amount, if any, which Tenant would otherwise be required to deposit under this Article 5, provided that such Mortgagee shall have agreed in writing, for the benefit of Landlord and pursuant to an instrument satisfactory to Landlord, Landlord servingto have such funds held in a segregated, if at all, only as a conduit non-commingled special account for delivery purposes. The foregoing provision shall become applicable only at such time as the escrow payment of Impositions is not required by Lenderand otherwise in accordance with Section 5.01(f), it being understood and agreed that for so long as Lender requires that the real estate tax portion of Mortgagee shall use, or direct the Imposition be escrowed with Lenderuse of, Tenant shall be deemed such funds to have fulfilled its obligations under this §3.3 with respect to the real estate tax portion of the Imposition provided Tenant receives notice either from Lender or from Landlord as required pursuant to §15.12.3 and then Tenant makes the required escrow payment of the real estate tax portion of the Imposition to Lender pay Impositions as and when duesame are required to be paid hereunder and for no other purpose; provided, however, that any sums so held and attributable to Impositions previously paid may be released to Tenant or applied for other purposes.

Escrow of Impositions. Consistent Sublessor may, at Sublessor's sole option, provide Subtenant with and pursuant to a statement of estimated Impositions for the terms then upcoming Lease Year (based upon Sublessor's reasonable estimate of the Real Estate Tax Escrow Agreementanticipated Impositions for such Lease Year), Tenant shall deposit with Landlord on and, following Sublessor's request therefor, Subtenant shall, beginning the first day of each the next calendar month a sum following such request and continuing thereafter throughout the Term (unless and until otherwise thereafter excused by Sublessor), pay in equal to 1/12th monthly installments one-twelfth (1/12) of the aforesaid estimated Impositions assessed against for each Lease Year; provided, that if Sublessor determines at any time or from time to time that the Leased Property Impositions are to be greater than the aforesaid estimated amount, then Sublessor may from time to time or at any time during any such Lease Year deliver to Subtenant Sublessor's revised estimate of the amount of Impositions, and Subtenant shall pay to Sublessor, within twenty (20) days following Subtenant's receipt of notification of the revised amount, the difference between the previous estimate and the revised estimate for the preceding tax year for real estate taxesexpired portion of the then current Lease Year, which sums and the monthly installments of estimated Impositions payable shall be used by Landlord toward payment increased for the months following Subtenant's receipt of such the revised estimate to one-twelfth (1/12) of the revised estimate of Impositions. In addition; provided further, if an Event of Default occurs and while it remains uncured, Tenant shall, at Landlord’s election, deposit with Landlord on that not more than one hundred eighty (180) days following the first last day of each month Lease Year during the Term, Sublessor will, as applicable, provide Subtenant with a sum equal to 1/12th written comparison of the amount of the estimated Impositions assessed against the Leased Property paid for the preceding tax year other Lease Year just ended to Impositions actually incurred for such Lease Year, and if the amount of the estimated Impositions paid by Subtenant for such prior Lease Year: (A) exceeds the amount Subtenant should have paid based on the actual amount of the Impositions, Sublessor will give Subtenant a credit against current payments of Impositions (or, if such credit exceeds the amount of Impositions payable during the remainder of the Term, refund the excess), or (B) is less than for real estate taxesthe amount Subtenant should have paid based on the actual amount of the Impositions, which sums Subtenant shall be used by Landlord toward payment pay Sublessor the difference within twenty (20) days following Subtenant's receipt of such Impositions. Tenant, on demand, shall pay to Landlord any additional funds necessary to pay and discharge the obligations of Tenant pursuant to the provisions of this section. The receipt by Landlord of the payment of such Impositions by and from Tenant shall only be as an accommodation to Tenant, the mortgagees, and the taxing authorities, and shall not be construed as rent or income to Landlord, Landlord serving, if at all, only as a conduit for delivery purposes. The foregoing provision shall become applicable only at such time as the escrow of Impositions is not required by Lender, it being understood and agreed that for so long as Lender requires that the real estate tax portion of the Imposition be escrowed with Lender, Tenant shall be deemed to have fulfilled its obligations under this §3.3 with respect to the real estate tax portion of the Imposition provided Tenant receives notice either from Lender or from Landlord as required pursuant to §15.12.3 and then Tenant makes the required escrow payment of the real estate tax portion of the Imposition to Lender as and when duewritten comparison.

Escrow of Impositions. Consistent In the event Tenant fails to timely pay any or all of the Impositions with and pursuant respect to the terms of the Real Estate Tax Escrow AgreementFacility two (2) times in any one (1) tax period or three (3) times in any two (2) consecutive tax periods, then, upon ten (10) days written notice from Landlord to Tenant, Tenant shall thereafter deposit with Landlord on the first day of each month during the remaining Term hereof and any extended Term, a sum equal to 1/12th one-twelfth (l/12th) of Landlord’s reasonable estimate of the Impositions assessed or to be assessed against the such Leased Property for during the preceding tax year for real estate taxesof the then applicable Lease Year, which sums sum shall be used by Landlord toward payment of such Impositions. In additionIf at the end of any applicable tax year, if an Event of Default occurs and while it remains uncured, Tenant shall, at Landlord’s election, deposit with Landlord on the first day of each month a sum equal to 1/12th of the Impositions assessed against the Leased Property for the preceding tax year other than for real estate taxes, which sums shall be used any such funds held by Landlord toward are insufficient to make full payment of taxes or other Impositions for which such Impositions. funds are held, Tenant, on demand, shall pay to Landlord any additional funds necessary to pay and discharge the obligations of Tenant pursuant to the provisions of this sectionparagraph. If, however, at the end of any applicable tax year, such funds held by Landlord are in excess of the total payment required to satisfy taxes or other Impositions for which such funds are held, Landlord shall apply such excess amounts to Tenant’s tax and Imposition escrow fund for the next tax year. If any such excess exists following the expiration or earlier termination of this Lease Agreement, Landlord shall promptly refund such excess amounts to Tenant. The receipt by Landlord of the payment of such Impositions by and from Tenant shall only be as an accommodation to Tenant, the mortgagees, Tenant and the taxing authorities, and shall not be construed as rent or income to Landlord, and shall not be deemed as the assumption by Landlord to pay such Impositions or be deemed a waiver by Landlord of Tenant’s obligation to pay such Impositions, Landlord serving, if at all, only as a conduit for delivery purposes. The foregoing provision shall become applicable only at such time as the escrow of Impositions is not required by Lender, it being understood and agreed that for so long as Lender requires that the real estate tax portion of the Imposition be escrowed with Lender, Tenant shall be deemed to have fulfilled its obligations under this §3.3 with respect to the real estate tax portion of the Imposition provided Tenant receives notice either from Lender or from Landlord as required pursuant to §15.12.3 and then Tenant makes the required escrow payment of the real estate tax portion of the Imposition to Lender as and when due.

Escrow of Impositions. Consistent with and pursuant In the event Tenant fails to the terms timely pay any or all of the Real Estate Tax Escrow AgreementImpositions with respect to any Leased Facility two (2) times in any one (1) tax period or three (3) times in any two (2) consecutive tax periods, then, upon ten (10) days written notice from Landlord to Tenant, Tenant shall thereafter deposit with Landlord on the first day of each month during the remaining Term hereof and any extended Term, a sum equal to 1/12th one-twelfth (1/12th) of Landlord's estimate of the Impositions assessed or to be assessed against the such Leased Property for during the preceding tax year for real estate taxesof the then applicable Lease Year, which sums sum shall be used by Landlord toward payment of such Impositions. In additionIf at the end of any applicable tax year, if an Event of Default occurs and while it remains uncured, Tenant shall, at Landlord’s election, deposit with Landlord on the first day of each month a sum equal to 1/12th of the Impositions assessed against the Leased Property for the preceding tax year other than for real estate taxes, which sums shall be used any such funds held by Landlord toward are insufficient to make full payment of taxes or other Impositions for which such Impositions. funds are held, Tenant, on demand, shall pay to Landlord any additional funds necessary to pay and discharge the obligations of Tenant pursuant to the provisions of this sectionArticle III. If, however, at the end of any applicable tax year, such funds held by Landlord are in excess of the total payment required to satisfy taxes or other Impositions for which such funds are held, Landlord shall apply such excess amounts to Tenant's tax and Imposition escrow fund for the next tax year. If any such excess exists following the expiration or earlier termination of any Lease, and subject to Section 9.08 below, Landlord shall promptly refund such excess amounts to Tenant. The receipt by Landlord of the payment of such Impositions by and from Tenant shall only be as an accommodation to Tenant, the mortgagees, Tenant and the taxing authorities, and shall not be construed as rent or income to Landlord, and shall not be deemed as the assumption by Landlord to pay such Impositions or be deemed a waiver by Landlord of Tenant's obligation to pay such Impositions, Landlord serving, if at all, only as a conduit for delivery purposes. The foregoing provision shall become applicable only at such time as the escrow of Impositions is not required by Lender, it being understood and agreed that for so long as Lender requires that the real estate tax portion of the Imposition be escrowed with Lender, Tenant shall be deemed to have fulfilled its obligations under this §3.3 with respect to the real estate tax portion of the Imposition provided Tenant receives notice either from Lender or from Landlord as required pursuant to §15.12.3 and then Tenant makes the required escrow payment of the real estate tax portion of the Imposition to Lender as and when due.

Escrow of Impositions. Consistent If Landlord’s lender requires Landlord to escrow real property taxes or other Impositions on a periodic basis during the Term, Tenant, on notice from Landlord indicating this requirement, shall pay a sum of money toward its liability under this Article to lender on a periodic basis in accordance with the lender’s requirements. Landlord shall escrow the payments received from Tenant in accordance with the requirements of its lender, and pursuant to the terms shall furnish Tenant with a copy of the Real Estate Tax Escrow Agreement, Tenant shall deposit with Landlord on the first day of each month a sum equal to 1/12th of the Impositions assessed against the Leased Property lender’s requirements for the preceding tax year for real estate taxes, which sums shall be used by Landlord toward payment of such Impositionsescrow. In additionFurther, if an Event of Default occurs and while it remains uncuredhereunder which is not cured within any applicable grace period, Tenant shallshall thereafter, at Landlord’s election, deposit with Landlord on the first day of each month during the remaining Term hereof and any extended Term, a sum equal to 1/12th one-twelfth (1/12th) of the Impositions assessed against the Leased Property for the preceding tax year other than for real estate taxesyear, which sums shall be used by Landlord toward payment of such Impositions. If, at the end of any applicable tax year, any such funds held by Landlord are insufficient to make full payment of taxes or other Impositions for which such funds are held, Tenant, on demand, shall pay to Landlord any additional funds necessary to pay and discharge the obligations of Tenant pursuant to the provisions of this sectionSection. If, however, at the end of any applicable tax year, such funds held by Landlord are in excess of the total payment required to satisfy taxes or other Impositions for which such funds are held, Landlord shall apply such excess amounts to Tenant’s tax and Imposition escrow fund for the next tax year. If any such excess of funds occurs at the end of the final Lease Year, and subject to Section 10.8 below, Landlord shall promptly refund such excess amounts to Tenant. The receipt by Landlord of the payment of such Impositions by and from Tenant shall only be as an accommodation to Tenant, the mortgagees, and the taxing authorities, and shall not be construed as rent or income to Landlord, Landlord serving, if at all, only as a conduit for delivery purposes. The foregoing provision shall become applicable only at such time as the escrow of Impositions is not required by Lender, it being understood and agreed that for so long as Lender requires that the real estate tax portion of the Imposition be escrowed with Lender, Tenant shall be deemed to have fulfilled its obligations under this §3.3 with respect to the real estate tax portion of the Imposition provided Tenant receives notice either from Lender or from Landlord as required pursuant to §15.12.3 and then Tenant makes the required escrow payment of the real estate tax portion of the Imposition to Lender as and when due.