Common use of Escrows Clause in Contracts

Escrows. If Lessee has defaulted in payment of any taxes, or if Lessee shall be in default under any of the items of this Lease, or if Lessor's Mortgagee shall require Lessor to escrow the amount of real estate taxes or assessments on a monthly basis, then in either event, at Lessor's option, Lessee shall deposit with an escrow agent reasonably acceptable to Lessor and Lessee on the first day of each and every month thereafter, an amount equal to one-twelfth (1/12th) of the estimated annual real estate taxes, assessments ("Charges") due on the Leased Premises. From time to time out of such deposits Lessor will, upon the presentation to Lessor by Lessee of the bills therefor, pay the Charges or will upon presentation of receipted bills therefor, reimburse Lessee for such payments made by Lessee. In the event the deposits on hand shall not be sufficient to pay all of the estimated Charges when the same shall become due from time to time or the prior payments shall be less than the currently estimated monthly amounts, then Lessee shall pay to Lessor on demand any amount necessary to make up the deficiency. The excess of any such deposits shall be credited to subsequent payments to be made for such items. If a default or an event of default shall occur under the terms of this Lease, Lessor may, at its option, without being required so to do, apply any Deposit on hand to cure the default, in such order and manner as Lessor may elect.

Escrows. If Lessee has defaulted Upon the occurrence of a third default in payment of any taxestwelve month period by Lessee, or if Lessee shall be in default under any upon the request of the items of this Lease, or if Lessor's Mortgagee shall require Lessor to escrow the amount of real estate taxes or assessments on a monthly basismortgagee, then in either event, at Lessor's optionif any, Lessee shall deposit with an escrow agent reasonably acceptable to Lessor and Lessee on the first day of each and every month thereaftermonth, an amount equal to one-twelfth (1/12th) of the estimated annual real estate taxes, assessments and insurance (if the insurance is to be purchased by Lessor) ("Charges") due on the Leased Premises, or such higher amounts reasonably determined by Lessor as necessary to accumulate such amounts to enable Lessor to pay all charges due and owing at least thirty (30) days prior to the date such amounts are due and payable. If Lessee is depositing into such escrow as a result of its third default in any given twelve month period, and Lessee shall not commit a default for a period of 24 months from the commencement of such escrowing, such escrow shall be discontinued unless renewed according to the terms hereof for the occurrence of a third default in any twelve month period, or upon the request of Lessor's mortgagee. From time to time out of such deposits Lessor will, upon the presentation to Lessor by Lessee of the bills therefor, pay the Charges or at Lessee's option, will upon presentation of receipted bills therefor, reimburse Lessee for such payments made by Lessee. In the event the deposits on hand shall not be sufficient to pay all of the estimated Charges when the same shall become due from time to time or the prior payments shall be less than the currently estimated monthly amounts, then Lessee shall pay to Lessor on demand any amount necessary to make up the deficiency. The excess of any such deposits shall be credited to subsequent payments to be made for such items. If a default or an event of default shall occur under the terms of this Lease, Lessor may, at its option, without being required so to do, apply any Deposit on hand to cure the default, in such order and manner as Lessor may elect.

Escrows. If Upon a default by Lessee has defaulted in payment or upon the request of any taxes, or if Lessee shall be in default under any of the items of this Lease, or if Lessor's Mortgagee shall require Lessor to escrow the amount of real estate taxes or assessments on a monthly basisMortgagee, then in either event, at Lessor's optionif any, Lessee shall deposit with an escrow agent reasonably acceptable to Lessor and Lessee on the first day of each and every month thereaftermonth, an amount equal to one-twelfth (1/12th) of the estimated annual real estate taxes, assessments and insurance ("Charges") due on the Leased Premises, or such higher amounts reasonably determined by Lessor as necessary to accumulate such amounts to enable Lessor to pay all charges due and owing at least thirty (30) days prior to the date such amounts are due and payable. From time to time out of such deposits Lessor will, upon the presentation to Lessor by Lessee of the bills therefor, pay the Charges or at Lessee's option, will upon presentation of receipted bills therefor, reimburse Lessee for such payments made by Lessee. In the event the deposits on hand shall not be sufficient to pay all of the estimated Charges when the same shall become due from time to time or the prior payments shall be less than the currently estimated monthly amounts, then Lessee shall pay to Lessor on demand any amount necessary to make up the deficiency. The excess of any such deposits shall be credited to subsequent payments to be made for such items. If a default or an event of default shall occur under the terms of this Lease, Lessor may, at its option, without being required so to do, apply any Deposit on hand to cure the default, in such order and manner as Lessor may elect.