Common use of Escrow of Taxes Clause in Contracts

Escrow of Taxes. From and after the occurrence and during the continuance of an Event of Default, at the option and upon the request of the Mortgagee, the Mortgagor shall deposit with the Mortgagee in an account maintained by the Mortgagee (the “Tax Escrow Fund”), on the first day of each month, an amount estimated by the Mortgagee to be equal to one-twelfth of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof Such amounts shall be held by the Mortgagee without interest to the Mortgagor and applied to the payment of the obligations in respect of which such amounts were deposited, in such priority as the Mortgagee shall determine, on or before the respective dates on which such obligations or any part thereof would become delinquent. Nothing contained in this Article VII shall (i) affect any right or remedy of the Mortgagee under any provision hereof or of any statute or rule of law to pay any such amount as provided above from its own funds and to add the amount so paid, together with interest at the Default Rate during such time that any amount remains outstanding, to the Secured Obligations or (ii) relieve the Mortgagor of its obligations to make or provide for the payment of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof; provided, however, that the Mortgagee’s failure to make any payment for which it has adequate funds in escrow hereunder shall not constitute an Event of Default of Mortgagor. During the continuance of any Event of Default, the Mortgagee may, at its option, apply all or any part of the sums held pursuant to this Section 7.2 to payment and performance of the Secured Obligations. The Mortgagor shall redeposit with the Mortgagee an amount equal to all amounts so applied as a condition to the cure, if any, of such Event of Default in addition to fulfillment of any other required conditions.

Escrow of Taxes. From and after the occurrence and during the continuance of an Event of Default, at the option and upon the request of the Mortgagee, the Mortgagor shall deposit with the Mortgagee in an account maintained by the Mortgagee (the “Tax Escrow Fund”), on the first day of each month, an amount estimated by the Mortgagee to be equal to one-twelfth of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof hereof. Such amounts shall be held by the Mortgagee without interest to the Mortgagor and applied to the payment of the obligations in respect of which such amounts were deposited, in such priority as the Mortgagee shall determine, on or before the respective dates on which such obligations or any part thereof would become delinquent. Nothing contained in this Article VII shall (i) affect any right or remedy of the Mortgagee under any provision hereof or of any statute or rule of law to pay any such amount as provided above from its own funds and to add the amount so paid, together with interest at the Default Rate during such time that any amount remains outstanding, to the Secured Obligations or (ii) relieve the Mortgagor of its obligations to make or provide for the payment of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof; provided, however, that the Mortgagee’s failure to make any payment for which it has adequate funds in escrow hereunder shall not constitute an Event of Default of Mortgagor. During the continuance of any Event of Default, the Mortgagee may, at its option, apply all or any part of the sums held pursuant to this Section 7.2 to payment and performance of the Secured Obligations. The Mortgagor shall redeposit with the Mortgagee an amount equal to all amounts so applied as a condition to the cure, if any, of such Event of Default in addition to fulfillment of any other required conditions.

Escrow of Taxes. From and after (a) In order to ensure the occurrence and during the continuance payment of all Taxes, Tenant agrees to deposit with any Landlord’s Mortgagee (defined below) requiring payment of Taxes to it in escrow or, if requested by Landlord following an Event of DefaultDefault hereunder by Tenant, at the option and upon the request of the Mortgagee, the Mortgagor shall deposit with the Mortgagee in an account maintained by the Mortgagee (the “Tax Escrow Fund”)Landlord, on the first day of each monthand every month during the Term, an amount estimated by the Mortgagee to be equal to one-twelfth (1/12) of all Taxes for the ensuing 12-month period as reasonably estimated by Landlord or Landlord’s Mortgagee based on current bills for same (or, if unavailable, based on the previous year’s bills). Tenant shall deposit, at least 15 days prior to the first date on which any interest or penalty will accrue or be assessed for the nonpayment of any Taxes (“Due Date”), such additional amounts as may be necessary so that there shall be sufficient funds in such deposit account to pay each such Tax at least 15 days in advance of the annual real property taxes Due Date thereof. If the total monthly deposits made by Tenant under this Exhibit F during any calendar year exceed the actual Taxes for such calendar year, Landlord or Landlord’s Mortgagee, as the case may be, shall retain such excess and other annual Charges credit it to Tenant’s future deposits under this Exhibit F (unless such adjustment is at the end of the Term, in which event Landlord shall refund such excess to Tenant as provided in Section 2(d) of this Exhibit F). If Tenant is required to be discharged by the Mortgagor under Section 7.1 hereof Such amounts shall be held by the Mortgagee without interest to the Mortgagor and applied to escrow the payment of the obligations in respect Taxes with Landlord as a result of which such amounts were deposited, in such priority as the Mortgagee shall determine, on or before the respective dates on which such obligations or any part thereof would become delinquent. Nothing contained in this Article VII shall (i) affect any right or remedy of the Mortgagee under any provision hereof or of any statute or rule of law to pay any such amount as provided above from its own funds and to add the amount so paid, together with interest at the Default Rate during such time that any amount remains outstanding, to the Secured Obligations or (ii) relieve the Mortgagor of its obligations to make or provide for the payment of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof; provided, however, that the Mortgagee’s failure to make any payment for which it has adequate funds in escrow hereunder shall not constitute an Event of Default of Mortgagor. During the continuance of any Event of Defaultby Tenant hereunder, the Mortgagee may, at its option, apply all or any part of the sums held pursuant Tenant shall no longer be required to this Section 7.2 to payment and performance of the Secured Obligations. The Mortgagor shall redeposit escrow such Taxes with the Mortgagee an amount equal to all amounts so applied Landlord as a condition to the cure, if any, result of such Event of Default in addition to fulfillment so long as Tenant fully cures such Event of Default and no other Event of Default occurs for a period of 12 months following the cure. (b) If at any time the amount of any other Tax is increased or Landlord or Landlord’s Mortgagee receives notice indicating that such Tax will be increased, and if the monthly deposits then being made by Tenant for this purpose would not make up a fund sufficient to pay such Tax 15 days prior to the Due Date, said monthly deposits shall thereupon be increased and Tenant shall, within 15 days following written notice of such increase, deposit with Landlord (or with Landlord’s Mortgagee, as the case may be) sufficient money so that the money then on hand for the payment of said Tax plus the increased one-twelfth (1/12) payments shall be sufficient to pay such Tax at least 15 days before the Due Date of such Tax. (c) For the purpose of determining whether Landlord (or Landlord’s Mortgagee, as the case may be) has on hand sufficient moneys to pay any particular Tax at least 15 days prior to the Due Date therefor, deposits for each category of Tax shall be treated separately, it being the intention of the parties hereto that moneys deposited for the payment of an item not yet due and payable shall not be used for the payment of an item that is due and payable. Notwithstanding the foregoing, if Tenant fails to make any deposit required conditionshereunder, Landlord (or Landlord’s Mortgagee) may use deposits for one item for the payment of another item then due and payable. (d) Upon the expiration of the Term, all such deposits then held shall be applied on account of any and all sums due to Landlord under this Lease and Tenant shall forthwith pay the resulting deficiency. The excess, if any, shall be returned to Tenant. If such funds are deposited with Landlord’s Mortgagee, Landlord will request that Landlord’s Mortgagee maintain such funds in an interest-bearing account. Unless Landlord’s Mortgagee agrees otherwise, Tenant shall not be entitled to any interest on such funds so deposited with Landlord’s Mortgagee.

Escrow of Taxes. From and after the occurrence and during the continuance of an Event of Default, and during its continuance, at the option and upon the request of the Mortgagee, the Mortgagor shall deposit with the Mortgagee in an account maintained by the Mortgagee (the “Tax Escrow Fund”), on the first day of each month, an amount estimated by the Mortgagee to be equal to one-twelfth of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof hereof. Such amounts shall be held by the Mortgagee without interest to the Mortgagor and applied to the payment of the obligations in respect of which such amounts were deposited, in such priority as the Mortgagee shall determine, on or before the respective dates on which such obligations or any part thereof would become delinquent. Nothing contained in this Article VII shall (i) affect any right or remedy of the Mortgagee under any provision hereof or of any statute or rule of law to pay any such amount as provided above from its own funds and to add the amount so paid, together with interest at the Default Rate during such time that any amount remains outstanding, to the Secured Obligations or (ii) relieve the Mortgagor of its obligations to make or provide for the payment of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof; provided, however, that the Mortgagee’s failure to make any payment for which it has adequate funds in escrow hereunder shall not constitute an Event of Default of Mortgagor. During the continuance of any Event of Default, the Mortgagee may, at its option, apply all or any part of the sums held pursuant to this Section 7.2 to payment and performance of the Secured Obligations. The Mortgagor shall redeposit with the Mortgagee an amount equal to all amounts so applied as a condition to the cure, if any, of such Event of Default in addition to fulfillment of any other required conditions.

Escrow of Taxes. From and after the occurrence and during the continuance of an Event of Default, at the option and upon the request of the Mortgagee, the Mortgagor shall deposit with the Mortgagee in an account maintained by the Mortgagee (the “Tax Escrow Fund”"TAX ESCROW FUND"), on the first day of each month, an amount estimated by the Mortgagee to be equal to one-twelfth of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof hereof, provided that Mortgagor is required to pay any such Charges under the terms of the Mortgaged Lease and Mortgagor has not thereto for deposited the same with the Landlord thereunder. Such amounts shall be held by the Mortgagee without with interest to the Mortgagor and applied to the payment of the obligations in respect of which such amounts were deposited, in such priority as the Mortgagee shall determine, on or before the respective dates on which such obligations or any part thereof would become delinquent. Nothing contained in this Article VII shall (i) affect any right or remedy of the Mortgagee under any provision hereof or of any statute or rule of law to pay any such amount as provided above from its own funds and to add the amount so paid, together with interest at the Default Rate default rate during such time that any amount remains outstanding, to the Secured Obligations or (ii) relieve the Mortgagor of its obligations (to the extent it has obligations under the Mortgaged Lease or hereunder) to make or provide for the payment of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof; provided, however, that the Mortgagee’s failure or (iii) require Mortgagor to make deposit with Mortgagee any payment for which it has adequate funds amount contemplated in escrow hereunder shall not constitute an Event of Default of Mortgagor. During the continuance of any Event of Default, the Mortgagee may, at its option, apply all or any part of the sums held pursuant to this Section 7.2 if and so long as deposits in respect thereof are made by Mortgagor to payment and performance of the Secured Obligations. The Mortgagor shall redeposit with the Mortgagee an amount equal to all amounts so applied as a condition to the cure, if any, of such Event of Default in addition to fulfillment of any other required conditions.Landlord under this Mortgaged Lease..

Escrow of Taxes. From and after the occurrence and during the continuance of an Event of Default or a Default, at the option and upon the request of the Mortgagee, the Mortgagor shall deposit with the Mortgagee in an account maintained by the Mortgagee (the “Tax Escrow Fund”), on the first day of each month, an amount estimated by the Mortgagee to be equal to one-twelfth of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof hereof. Such amounts shall be held by the Mortgagee without interest to the Mortgagor and applied to the payment of the obligations in respect of which such amounts were deposited, in such priority as the Mortgagee shall determine, on or before the respective dates on which such obligations or any part thereof would become delinquent. Nothing contained in this Article VII shall (i) affect any right or remedy of the Mortgagee under any provision hereof or of any statute or rule of law to pay any such amount as provided above from its own funds and to add the amount so paid, together with interest at the Default Rate during such time that any amount remains outstanding, to the Secured Obligations or (ii) relieve the Mortgagor of its obligations to make or provide for the payment of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof. Notwithstanding the provisions of this Section 7.2, no deposit with the Mortgagee in respect of any Charge shall be required if and for so long as deposits in respect of such Charge are made by the Mortgagor to the Lessor (or by the Lessor itself) under the Mortgaged Leased; provided, however, at the time of such payment, Mortgagor shall give written notice of the same to the Mortgagee and; further provided, that such payment shall not be in violation of any previous written instructions received by the Mortgagor from the Mortgagee’s failure to make any payment for which it has adequate funds in escrow hereunder shall not constitute an Event of Default of Mortgagor. During the continuance of any Event of Default, the Mortgagee may, at its option, apply all or any part of the sums held pursuant to this Section 7.2 to payment and performance of the Secured Obligations. The Mortgagor shall redeposit with the Mortgagee an amount equal to all amounts so applied as a condition to the cure, if any, of such Event of Default in addition to fulfillment of any other required conditions.

Escrow of Taxes. From and after the occurrence and during the continuance of an Event of Default, at the option and upon the request of the Mortgagee, the Mortgagor shall deposit with the Mortgagee in an account maintained by the Mortgagee (the “"Tax Escrow Fund”"), on the first day of each month, an amount estimated by the Mortgagee to be equal to one-twelfth of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof hereof, provided that Mortgagor is required to pay any such Charges under the terms of the Mortgaged Lease and Mortgagor has not theretofor deposited the same with the Landlord thereunder. Such amounts shall be held by the Mortgagee without interest to the Mortgagor and applied to the payment of the obligations in respect of which such amounts were deposited, in such priority as the Mortgagee shall determine, on or before the respective dates on which such obligations or any part thereof would become delinquent. Nothing contained in this Article VII shall (i) affect any right or remedy of the Mortgagee under any provision hereof or of any statute or rule of law to pay any such amount as provided above from its own funds and to add the amount so paid, together with interest at the Default Rate default rate during such time that any amount remains outstanding, to the Secured Obligations or (ii) relieve the Mortgagor of its obligations (to the extent it has obligations under the Mortgaged Lease or hereunder) to make or provide for the payment of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof; provided, however, that the Mortgagee’s failure or (iii) require Mortgagor to make deposit with Mortgagee any payment for which it has adequate funds amount contemplated in escrow hereunder shall not constitute an Event of Default of Mortgagor. During the continuance of any Event of Default, the Mortgagee may, at its option, apply all or any part of the sums held pursuant to this Section 7.2 if and so long as deposits in respect thereof are made by Mortgagor to payment and performance of Landlord under the Secured Obligations. The Mortgagor shall redeposit with the Mortgagee an amount equal to all amounts so applied as a condition to the cure, if any, of such Event of Default in addition to fulfillment of any other required conditionsMortgaged Lease.

Escrow of Taxes. From and after Notwithstanding the foregoing, (i) upon the occurrence and of any default by lessee under this lease, including but not limited to the failure to pay when due any Taxes, or (ii) at any time if required by lessor's mortgagee, lessee shall thereafter pay all Taxes accruing during the continuance term of an Event of Default, at the option and upon the request of the Mortgagee, the Mortgagor shall deposit with the Mortgagee this lease to lessor or its mortgagee in an account maintained by the Mortgagee (the “Tax Escrow Fund”), monthly installments on or before the first day of each calendar month, in advance, in an amount estimated by lessor or lessor's mortgagee, as the Mortgagee case may be. Upon receipt of all statements for Taxes due for a calendar year, lessor shall submit to be equal to one-twelfth lessee a written statement of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof Such amounts shall be held by the Mortgagee without interest to the Mortgagor and applied to the payment actual amount of the obligations in respect of which Taxes for such amounts were deposited, in such priority as year and the Mortgagee shall determine, on or before the respective dates on which such obligations or any part thereof would become delinquent. Nothing contained in this Article VII shall (i) affect any right or remedy of the Mortgagee under any provision hereof or of any statute or rule of law to pay any such amount as provided above from its own funds and to add the amount so paid, together with interest at the Default Rate during such time that any amount remains outstanding, to the Secured Obligations or (ii) relieve the Mortgagor of its obligations to make or provide for the payment of the annual real property taxes and other annual Charges required to be discharged by the Mortgagor under Section 7.1 hereof; provided, however, that the Mortgagee’s failure to make any payment for which it has adequate funds in escrow hereunder shall not constitute an Event of Default of Mortgagor. During the continuance of any Event of Default, the Mortgagee may, at its option, apply all or any part of the sums held pursuant to this Section 7.2 to payment and performance of the Secured Obligations. The Mortgagor shall redeposit with the Mortgagee an amount equal to all amounts so applied as a condition to the cureamount, if any, theretofore paid by lessee. If the total amount paid by lessee under this Subsection for any year shall be more or less than the actual amount due from lessee for such year, as shown in such statement, either lessee shall pay to lessor the shortfall within ten (10) days after receipt of the statement or such Event excess shall be credited against the next installment of Default in addition taxes due from lessee to fulfillment lessor hereunder, as the case may be. All amounts due hereunder shall be payable to lessor at the place where Base Rent is payable. A copy of a Tax 10(d)(2)-8 bill submitted by lessor to lessee shall at all times be sufficiexx xvidence of the amount of Taxes levied, assessed or imposed against the Premises to which such bill relates. Lessor's and lessee's obligations under this Subsecxxxx shall survive the expiration of the term or any extended term. In the event of any other required conditionsdefault by lessee under this lease, any such deposits may be used by lessor to cure the default, but lessor shall be under no obligation to do so and lessee shall have no authority to direct lessor to apply such deposits against any obligation of lessee hereunder.