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 or a Default, at the option and upon the request of the Beneficiary, the Grantors shall deposit with the Beneficiary in an account maintained by the Beneficiary (the "Tax Escrow Fund"), on the first day of each month, an amount estimated by the Beneficiary to be equal to one-twelfth of the annual real property taxes and other annual Charges required to be discharged by the Grantors under Section 7.1 hereof. Such amounts shall be held by the Beneficiary without interest to the Grantors and applied to the payment of the obligations in respect of which such amounts were deposited, in such priority as the Beneficiary 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 Beneficiary 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 any Grantor 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 Grantors under Section 7.1 hereof. Notwithstanding the provisions of this Section 7.2, with respect to the Leased Land, no deposit with the Beneficiary in respect of any Charge shall be required if and for so long as deposits in respect of such Charge are made by the Grantors under the 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 Beneficiary, the Grantors Grantor shall deposit with the Beneficiary in an account maintained by the Beneficiary (the "“Tax Escrow Fund"”), on the first day of each month, an amount estimated by the Beneficiary to be equal to one-–twelfth of the annual real property taxes and other annual Charges required to be discharged by the Grantors Grantor under Section 7.1 hereof. Such amounts shall be held by the Beneficiary without interest to the Grantors Grantor and applied to the payment of the obligations in respect of which such amounts were deposited, in such priority as the Beneficiary 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 Beneficiary 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 any the Grantor 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 Grantors Grantor under Section 7.1 hereof. Notwithstanding the provisions of this Section 7.2, with respect to the Leased Land, no deposit with the Beneficiary in respect of any Charge shall be required if and for so long as deposits in respect of such Charge are made by the Grantors under the 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 Beneficiary, the Grantors Grantor shall deposit with the Beneficiary in an account maintained by the Beneficiary (the "“Tax Escrow Fund"”), on the first day of each month, an amount estimated by the Beneficiary to be equal to one-twelfth of the annual real property taxes and other annual Charges required to be discharged by the Grantors Grantor under Section 7.1 hereof. Such amounts shall be held by the Beneficiary without interest to the Grantors Grantor and applied to the payment of the obligations in respect of which such amounts were deposited, in such priority as the Beneficiary 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 Beneficiary 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 any the Grantor 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 Grantors Grantor under Section 7.1 hereof. Notwithstanding the provisions of this Section 7.2, with respect to the Leased Land, no deposit with the Beneficiary in respect of any Charge shall be required if and for so long as deposits in respect of such Charge are made by the Grantors under the 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 Beneficiary, the Grantors Grantor shall deposit with the Beneficiary in an account maintained by the Beneficiary (the "“Tax Escrow Fund"”), on the first day of each month, an amount estimated by the Beneficiary to be equal to one-twelfth of the annual real property taxes and other annual Charges required to be discharged by the Grantors Grantor under Section 7.1 hereof. Such amounts shall be held by the Beneficiary without interest to the Grantors Grantor and applied to the payment of the obligations in respect of which such amounts were deposited, in such priority as the Beneficiary 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 Beneficiary 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 any the Grantor 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 Grantors Grantor under Section 7.1 hereof. Notwithstanding the provisions of this Section 7.2, with respect to the Leased Land, no deposit with the Beneficiary in respect of any Charge shall be required if and for so long as deposits in respect of such Charge are made by the Grantors Grantor to the Lessor under the Mortgaged Lease.