Common use of Escrow of Taxes Clause in Contracts

Escrow of Taxes. From and after the occurrence of an Event of Default, at the option and upon the request of the Mortgagee and to the extent not required by the First Priority Trustee pursuant to the terms of the First Priority Indenture, 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

Escrow of Taxes. From and after the occurrence of an Event of Default, at the option and upon the request of the Mortgagee and to the extent not required by the First Second Priority Trustee pursuant to the terms of the First Second Priority Indenture, 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