Estimated Payments. Following a noncompliance by Tenant of its obligations to pay Taxes or Insurance Premiums as and when due, Landlord may request (which request shall be in writing) as security for the obligations contained in Section 6.1 above, that Term shall deposit monthly with Landlord, or such other entity as Landlord may designate, on the first day of each and every month of the Term, a sum equal to one-twelfth of the last ascertainable amount (or at Landlord’s election, if Landlord’s interest hereunder is at any time subject to the lien of a mortgage or trust deed, a sum equal to one-twelfth of the mortgagee’s estimate of the current amount) of general real estate taxes and annual installments of special assessments levied with respect to the Premises (and, also Insurance Premiums as required under the terms of Section 10.3 of this Lease), which monthly deposits shall be held by Landlord or Landlord’s mortgagee in such account or accounts as may be authorized by then current state or federal banking laws, rules or regulations and which monthly deposits, subject to any provisions to the contrary in documentation securing Landlord’s mortgage indebtedness, shall be used as a fund to be applied, to the extent thereof, to the payment of Taxes and Insurance Premiums as the same become due and payable. The existence of said fund shall not limit or alter Tenant’s obligation to pay the Taxes and Insurance Premiums respecting which the fund was created; provided, however, that so long as Tenant shall not be in default hereunder, said fund shall be fully utilized for the payment of such Taxes and Insurance Premiums; provided, further that the disposition (of any funds held by Landlord’s mortgagee shall be governed by the loan and mortgage documentation entered into by Landlord and said mortgagee. The amount of the fund shall be readjusted annually, on such date as Landlord shall determine, to reflect the actual amount of Taxes and Insurance Premiums. Tenant shall not be entitled to interest on said fund.
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Samples: www.sec.gov, Industrial Building Lease (Bway Corp), Industrial Building Lease (Bway Corp)
Estimated Payments. Following a noncompliance by Tenant of its obligations to pay Taxes or Insurance Premiums as and when due, Landlord may request (which request shall be in writing) as security for the obligations contained in Section 6.1 above, that Term Tenant shall deposit monthly with Landlord, or such other entity as Landlord may designate, on the first day of each and every month of the Term, a sum equal to one-twelfth of the last ascertainable amount (or at Landlord’s election, ; if Landlord’s interest hereunder is at any time subject to the lien of a mortgage or trust deed, a sum equal to one-twelfth of the mortgagee’s estimate of the current amount) of general real estate taxes and annual installments of special assessments levied with respect to the Premises (and, also Insurance Premiums as required under the terms of Section 10.3 of this Lease), which monthly deposits shall be held by Landlord or Landlord’s mortgagee in such account or accounts as may be authorized by then current state or federal banking laws, rules or regulations and which monthly deposits, subject to any provisions to the contrary in documentation securing Landlord’s mortgage indebtedness, shall be used as a fund to be applied, to the extent thereof, to the payment of Taxes and Insurance Premiums as the same become due and payable. The existence of said fund shall not limit or alter Tenant’s obligation to pay the Taxes and Insurance Premiums respecting which the fund was created; provided, however, that so long as Tenant shall not be in default hereunder, said fund shall be fully utilized for the payment of such Taxes and Insurance Premiums; provided, further that the disposition (of any funds held by Landlord’s mortgagee shall be governed by the loan and mortgage documentation entered into by Landlord and said mortgagee. The amount of the fund shall be readjusted annually, on such date as Landlord shall determine, to reflect the actual amount of Taxes and Insurance Premiums. Tenant shall not be entitled to interest on said fund.
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Samples: Industrial Building Lease (Phoenix Container, Inc.), Industrial Building Lease (Phoenix Container, Inc.)
Estimated Payments. Following a noncompliance by Tenant of its obligations to pay Taxes or on Insurance Premiums as and when due, Landlord may request require (which request requirement shall be in writing) as security for the obligations contained in Section 6.1 above, that Term Tenant shall deposit monthly with Landlord, or such other entity as Landlord may designate, on the first day of each and every month of the Term, a sum equal to one-twelfth of the last ascertainable amount (or at Landlord’s election, if Landlord’s interest hereunder is at any time subject to the lien of a mortgage or trust deed, a sum equal to one-twelfth of the mortgagee’s estimate of the current amount) of general real estate taxes and annual installments of special assessments levied with respect to the Premises (and, also Insurance Premiums as required under the terms of Section 10.3 of this Lease), which monthly deposits shall be held by Landlord or Landlord’s mortgagee in such account or accounts as may be authorized by then current state or federal banking laws, rules or regulations and which monthly deposits, subject to any provisions to the contrary in documentation securing Landlord’s mortgage indebtedness, shall be used as a fund to be applied, to the extent thereof, to the payment of Taxes and Insurance Premiums as the same become due and payable. The existence of said fund shall not limit or alter Tenant’s obligation to pay the Taxes and Insurance Premiums respecting which the fund was created; provided, however, that so long as Tenant shall not be in default hereunder, said fund shall be fully utilized for the payment of such Taxes and Insurance Premiums; provided, further that the disposition (of any funds held by Landlord’s mortgagee shall be governed by the loan and mortgage documentation entered into by Landlord and said mortgagee. The amount of the fund shall be readjusted annually, on such date as Landlord shall determine, to reflect the actual amount of Taxes and Insurance Premiums. Tenant shall not be entitled to interest on said fund.
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Estimated Payments. Following Annually, the Landlord shall render to the Tenant a noncompliance by Tenant of its obligations to pay Taxes or Insurance Premiums as and when due, Landlord may request (which request shall be statement in writing) as security reasonable detail showing for the obligations contained in Section 6.1 abovepreceding calendar year or fraction thereof, that Term as the case may be, the Operating Expenses and Tenant’s Proportionate Share of the Operating Expenses. The Landlord shall deposit monthly with Landlord, or such other entity as Landlord may designate, on use diligent efforts to deliver the first day statement not later than ninety (90) days after the end of each and every month calendar year or fraction thereof at the beginning or at the end of the Term. Said statement to be rendered to Tenant also shall show for the preceding calendar year or fraction thereof, a sum equal to one-twelfth as the case may be, the amounts of Operating Expenses already paid by Tenant. If at the last ascertainable amount (or at Landlord’s election, if Landlord’s interest hereunder time such statement is at any time subject to the lien of a mortgage or trust deed, a sum equal to one-twelfth of the mortgagee’s estimate of the current amount) of general real estate taxes and annual installments of special assessments levied rendered it is determined with respect to any calendar year that Tenant has paid (i) less than Tenant’s Proportionate Share of Operating Expenses or (ii) more than Tenant’s Proportionate Share of Operating Expenses, then, in the Premises case of (i) Tenant shall pay to the Landlord, as Additional Rent, within thirty (30) days of such statement the amounts of such underpayment and, also Insurance Premiums as required in the case of (ii) the Landlord shall refund such overpayment to the Tenant within thirty (30) days (less any amount then owed to Landlord by Tenant under the terms of Section 10.3 of this Lease, in which case Landlord promptly shall notify Tenant of such offset ), which monthly deposits . The obligation to make such payment or refund for any partial calendar year at the end of the Term shall survive the Term. In no event shall Tenant be held by Landlord or Landlord’s mortgagee in such account or accounts as may be authorized by then current state or federal banking laws, rules or regulations and which monthly deposits, subject obligated to make any payment with respect to any provisions Operating Expense first billed to Tenant more than eighteen (18) months after the contrary end of the calendar year in documentation securing Landlord’s mortgage indebtedness, shall be used as a fund to be applied, to the extent thereof, to the payment of Taxes and Insurance Premiums as the same become due and payable. The existence of said fund shall not limit or alter Tenant’s obligation to pay the Taxes and Insurance Premiums respecting which the fund Operating Expense was created; provided, however, that so long as Tenant shall not be in default hereunder, said fund shall be fully utilized for the payment of such Taxes and Insurance Premiums; provided, further that the disposition (of any funds held by Landlord’s mortgagee shall be governed by the loan and mortgage documentation entered into by Landlord and said mortgagee. The amount of the fund shall be readjusted annually, on such date as Landlord shall determine, to reflect the actual amount of Taxes and Insurance Premiums. Tenant shall not be entitled to interest on said fundincurred.
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Samples: Lease (Praecis Pharmaceuticals Inc)