Common use of FUNDS FOR TAXES, INSURANCE AND OTHER CHARGES Clause in Contracts

FUNDS FOR TAXES, INSURANCE AND OTHER CHARGES. Upon the occurrence of an Event of Default (hereinafter defined), and at Bank’s sole option at any time thereafter, Borrower shall pay in addition to each monthly payment on the Notes, one-twelfth of the annual real estate taxes, insurance premiums, assessments, water and sewer rates and other charges (herein “Impositions”) payable with respect to the Property (as estimated by Bank in its sole discretion), to be held by Bank, without interest to Borrower, for the payment of such obligations. If the amount of such additional payments held by Bank (“Funds”) at the time of the annual accounting thereof shall exceed the amount deemed necessary by Bank to provide for the payment of Impositions as they fall due, such excess shall be at Borrower’s option, either repaid to Borrower or credited to Borrower on the next monthly installment or installments of Funds due. If at any time the amount of the Funds held by Bank shall be less than the amount deemed necessary by Bank to pay Impositions as they fall due, Borrower shall pay to Bank any amount necessary to make up the deficiency within thirty (30) days after notice from Bank to Borrower requesting payment thereof. Upon Borrower’s breach of any covenant or agreement of Borrower in this Instrument, Bank may apply, in any amount and in any order as Bank shall determine in Bank’s sole discretion, any Funds held by Bank at the time of application (a) to pay Impositions which are now or will hereafter become due or (b) as a credit against sums secured by this Instrument. Upon payment in full of all sums secured by this Instrument, Bank shall refund to Borrower any Funds held by Bank.

FUNDS FOR TAXES, INSURANCE AND OTHER CHARGES. Upon the occurrence of -------------------------------------------- an Event of Default (hereinafter defined), and at Bank’s METLIFE's sole option at any time thereafter, Borrower shall pay in addition to each monthly payment on the NotesNote, one-twelfth of the annual real estate taxes, insurance premiums, assessments, water and sewer rates rates, ground rents and other charges (herein “"Impositions”") payable with respect to the Property (as estimated by Bank METLIFE in its sole discretion), to be held by Bank, METLIFE without interest to Borrower, for the payment of such obligations. If the amount of such additional payments held by Bank METLIFE (“"Funds”") at the time of the annual accounting thereof shall exceed the amount deemed necessary by Bank METLIFE to provide for the payment of Impositions as they fall due, such excess shall be at Borrower’s 's option, either repaid to Borrower or credited to Borrower on the next monthly installment or installments of Funds due. If at any time the amount of the Funds held by Bank METLIFE shall be less than the amount deemed necessary by Bank METLIFE to pay Impositions as they fall due, Borrower shall pay to Bank METLIFE any amount necessary to make up the deficiency within thirty (30) days after notice from Bank METLIFE to Borrower requesting payment thereof. Upon Borrower’s breach of any covenant or agreement of Borrower in this Instrument, Bank may apply, in any amount and in any order as Bank shall determine in Bank’s sole discretion, any Funds held by Bank at the time of application (a) to pay Impositions which are now or will hereafter become due or (b) as a credit against sums secured by this Instrument. Upon payment in full of all sums secured by this Instrument, Bank shall refund to Borrower any Funds held by Bank.

FUNDS FOR TAXES, INSURANCE AND OTHER CHARGES. Upon the occurrence of an Event of Default (hereinafter defined), and at Bank’s 's sole option at any time thereafter, Borrower shall pay in addition to each monthly payment on the NotesNote, one-twelfth of the annual real estate taxes, insurance premiums, assessments, water and sewer rates rates, ground rents and other charges (herein “"Impositions”") payable with respect to the Property (as estimated by Bank in its sole discretion), to be held by Bank, Bank without interest to Borrower, for the payment of such obligations. If the amount of such additional payments held by Bank (“"Funds”") at the time of the annual accounting thereof shall exceed the amount deemed necessary by Bank to provide for the payment of Impositions as they fall due, such excess shall be at Borrower’s 's option, either repaid to Borrower or credited to Borrower on the next monthly installment or installments of Funds due. If at any time the amount of the Funds held by Bank shall be less than the amount deemed necessary by Bank to pay Impositions as they fall due, Borrower shall pay to Bank any amount necessary to make up the deficiency within thirty (30) days after notice from Bank to Borrower requesting payment thereof. Upon Borrower’s 's breach of any covenant or agreement of Borrower in this Instrument, Bank may apply, in any amount and in any order as Bank shall determine in Bank’s 's sole discretion, any Funds held by Bank at the time of application (ai) to pay Impositions which are now or will hereafter become due due, or (bii) as a credit against sums secured by this Instrument. Upon payment in full of all sums secured by this Instrument, Bank shall refund to Borrower any Funds held by Bank.

FUNDS FOR TAXES, INSURANCE AND OTHER CHARGES. Upon the occurrence of an Event of Default (hereinafter defined), and at Bank’s Lender's sole option at any time thereafter, Borrower shall pay in addition to each monthly payment on the NotesLoan Agreements, one-twelfth of the annual real estate taxes, insurance premiums, assessments, water and sewer rates rates, ground rents and other charges (herein “the "Impositions”") payable with respect to the Property (as estimated by Bank Lender in its sole discretion), to be held by Bank, Lender without interest to Borrower, for the payment of such obligations. If the amount of such additional payments held by Bank Lender (“the "Funds”") at the time of the annual accounting thereof shall exceed the amount deemed necessary by Bank Lender to provide for the payment of Impositions as they fall due, such excess shall be at Borrower’s 's option, either repaid to Borrower or credited to Borrower on the next monthly installment or installments of Funds due. If at any time the amount of the Funds held by Bank Lender shall be less than the amount deemed necessary by Bank Lender to pay Impositions as they fall due, Borrower shall pay to Bank Lender any amount necessary to make up the deficiency within thirty (30) days after notice from Bank Lender to Borrower requesting payment thereof. Upon Borrower’s breach of any covenant or agreement of Borrower in this Instrument, Bank may apply, in any amount and in any order as Bank shall determine in Bank’s sole discretion, any Funds held by Bank at the time of application (a) to pay Impositions which are now or will hereafter become due or (b) as a credit against sums secured by this Instrument. Upon payment in full of all sums secured by this Instrument, Bank shall refund to Borrower any Funds held by Bank.