Funds for Taxes and Insurance. If an Event of Default has occurred under this Deed of Trust or under any of the Related Agreements, regardless of whether the same has been cured, then thereafter at any time Beneficiary may, at its option to be exercised upon thirty (30) days' written notice to Trustor, require the deposit with Beneficiary or its designee by Trustor, at the time of each payment of an installment of interest or principal under the Note, of an additional amount sufficient to discharge the obligations of Trustor under Sections 1.02 and 1.04 hereof as and when they become due. The determination of the amount payable and of the fractional part thereof to be deposited with Beneficiary shall be made by Beneficiary in its sole discretion. These amounts shall be held by Beneficiary or its designee not in trust and not as agent of Trustor and shall not bear interest, and shall be applied to the payment of the obligations in such order or priority as Beneficiary shall determine. If at any time within thirty (30) days prior to the due date of any of the aforementioned obligations the amounts then on deposit therefor shall be insufficient for the payment of such obligation in full, Trustor shall within ten (10) days after demand deposit the amount of the deficiency with Beneficiary. If the amounts deposited are in excess of the actual obligations for which they were deposited, Beneficiary may refund any such excess, or, at its option, may hold the same in a reserve account, not in trust and not bearing interest, and reduce proportionately the required monthly deposits for the ensuing year. Nothing herein contained shall be deemed to affect any right or remedy of Beneficiary under any other provision of this Deed of Trust or under any statute or rule of law to pay any such amount and to add the amount so paid to the indebtedness hereby secured. All amounts so deposited shall be held by Beneficiary or its designee as additional security for the sums secured by this Deed of Trust and upon the occurrence of an Event of Default hereunder Beneficiary may, in its sole and absolute discretion and without regard to the adequacy of its security hereunder, apply such amounts or any portion thereof to any part of the indebtedness secured hereby. Any such application of said amounts or any portion thereof to any indebtedness secured hereby shall not be construed to cure or waive any default or notice of default hereunder. If Beneficiary requires deposits to be made pursuant to this Section 1.05, ...
Funds for Taxes and Insurance. Subject to applicable law or waiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full a sum (herein “Funds”) equal to one twelfth of the yearly taxes and assessments (including condominium and planned unit developments assessments, if any) which may attain priority over this Mortgage and ground rents on the Property, if any, plus one twelfth of yearly premium installments for hazard insurance, plus one twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonably estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such Payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender. If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, Analyzing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits lender to make such charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay borrower any interest or earning on the Funds. Lender shall give to borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds were made. The funds are pledged as additional security for the sums secured by this Mortgage. If the amounts of the Funds held by lender, together with the future monthly installments of funds payable prior to the due dates of taxes, assessments, insurance, premiums, and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance, premiums, and ground rents as they fall due, such excess shall be at Borrower’s option. Either promptly repaid to Borrower or credited to borrower on monthly inst...
Funds for Taxes and Insurance. The portion of the monthly payments which are held in escrow by Seller for the payment of real estate taxes and assessments and insurance premiums shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency, and Seller shall apply the escrowed funds to pay the escrow items. Seller may not charge for holding and applying the escrowed funds, analyzing the account or verifying the outstanding balance for the escrow items. Unless an agreement is made or applicable law requires interest to be paid, Seller shall not be required to pay Purchasers any interest or earnings on the escrowed funds. Seller shall give Purchasers, without charge, an annual accounting of the escrowed funds showing credits and debits thereto and the purpose for which each debit to the escrowed funds was made. Upon a default and a cancellation of this Contract for Deed all of the escrowed funds shall become the sole property of Seller, and Seller shall use such funds to pay for the items for which such funds were escrowed. If the amount of the escrowed funds held by Seller, together with the future monthly payments of additional escrow funds payable prior to the due dates of the items for which such funds were escrowed, shall exceed the amount required to pay the items for which such funds were escrowed when due, then the excess shall be, at Purchasers' option, either promptly repaid to Purchasers or credited against their next monthly payments due under this Contract for Deed. If the amount of the escrowed funds held by Seller is not sufficient to pay for the items for which such funds were escrowed when due, then Purchasers shall pay to Seller, in one or more payments as may be required by Seller, any amount necessary to make up the deficiency. Upon payment in full of the purchase price, Seller shall promptly refund to Purchasers any escrow funds it may hold.
Funds for Taxes and Insurance. (a) From and after the occurrence of any Event of Default by the Mortgagor hereunder, the Beneficiary may at its sole election, upon three (3) business day's written notice to the Mortgagor, require the Mort- gagor to pay additional amounts sufficient to discharge the obligations of the Mortgagor under Sections 5 and 7 hereof with respect to insurance premiums and Impositions and all Ground Rent, as and when they become due (such amounts, the "Mortgage Escrow Amounts"). Upon the Beneficiary's election to require Mortgage ----------------------- Escrow Amounts in accordance with the foregoing, the Mortgagor shall pay to the Beneficiary to be held in an account controlled by the Beneficiary (the "Escrow ------ Account") the monthly amount of Ground Rent together with a sum which bears the ------- same relation to the annual insurance premiums for all insurance required by the terms hereof and Impositions assessed against the Properties for the insurance period or tax year then in effect, as the case may be, as (i) the number of months elapsed as of the date of such election since the last preceding installment of said premiums or Impositions shall have become due and payable bears to (ii) twelve (12). For the purpose of this computation, the month in which such last preceding installment of premiums or Impositions became due and payable and the month in which the Beneficiary makes such election shall be included and deemed to have elapsed. During each month thereafter, until the Beneficiary shall elect that the provisions of this Section 8 shall no longer be applicable, the Mortgagor shall pay with respect to the Mortgage Escrow Amounts a sum equal to the monthly Ground Rent plus one-twelfth of such insurance premiums and such Impositions for the then-current insurance period and tax year, so that as each installment of Ground Rent and such premiums and Impositions shall become due and payable, the Beneficiary shall have received a sum sufficient to pay the same. If the amount of such premiums and Impositions has not been definitely ascertained at the time when any such monthly deposits are to be made, the Mortgagor shall pay Mortgage Escrow Amounts based upon the amount of such premiums and Impositions for the preceding year, subject to adjustment as and when the amount of such premiums and Impositions are ascertained.
(b) At any time after the Beneficiary's election to require Mortgage Escrow Amounts pursuant to Section 8(a) above, subject to the condition...
Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned unit development assessments, if any) which may attain priority over this Mortgage and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender.
Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower will pay to Lender until the Note is paid in full, the following funds (“Funds”): All of the yearly taxes and assessments (including condominium and planned unit development assessments, if any) that may attain priority over this Mortgage and ground rents on the Property, if any, plus all applicable premium installments for hazard insurance, plus all applicable premium installments for mortgage insurance, if any, plus, if the Property is in a flood plain, all applicable premium installments for flood insurance, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. However, Borrower will not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender.
Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Xxxxxx, Borrower will pay to Lender until the Note is paid in full, the following funds (“Funds”): All of the yearly taxes and assessments (including condominium and planned unit development assessments, if any) that may attain priority over this Mortgage and ground rents on the Property, if any, plus all applicable premium installments for hazard insurance, plus all applicable premium installments for mortgage insurance, plus all applicable premium installments for mortgage insurance, if any, plus, if the Property is in a flood plain, all applicable premium installments for flood insurance, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. However, Borrower will not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender.
Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Xxxxxx, Borrower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds’) equal to one-twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents of the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and form time to time by Xxxxxx on the basis of assessments and bills and reasonable estimates thereof.
Funds for Taxes and Insurance. BORROWER shall pay all taxes due directly to the local taxing agency and all premiums for insurance on said property directly to the insuring agency. Proof of payment made shall be given to the BORROWER within 30-days of due date.
Funds for Taxes and Insurance. Borrower shall pay all real property taxes and insurance payments as same shall come due. In the event that any such tax shall become delinquent or any premium shall go unpaid, then Lender in their discretion may require Borrower to pay to the Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
