Imposition Deposits Sample Clauses
The Imposition Deposits clause establishes the requirement for a party to set aside funds to cover potential taxes, fees, or governmental charges that may be imposed in connection with a transaction or property. Typically, this clause obligates the responsible party to deposit an amount sufficient to pay for such impositions into a designated account, ensuring that these obligations are met promptly when due. By requiring these deposits, the clause helps prevent defaults or penalties arising from unpaid governmental charges, thereby protecting the interests of both parties and ensuring compliance with legal and financial obligations.
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Imposition Deposits. Notwithstanding the provision of Section 7(d) of the Security Instrument, but subject to Section 11.01, on or before the first day of each Loan Year after the Effective Date, and on or before the Closing Date of a Substitution Request or a Release Request, if Fannie Mae determines, based on the foregoing methodology, that a modified amount is required to be deposited with Fannie Mae as Imposition Deposits, applicable Collateral Pool Borrower shall deposit any deficiency with Fannie Mae, or Fannie Mae shall release any overage to such Collateral Pool Borrower, provided that, in the case of the latter, no Event of Default or Potential Event of Default then exists hereunder. The applicable Collateral Pool Borrower shall, subject to such Collateral Pool Borrower’s right to contest under Section 15(d) of the Security Instruments, pay each Imposition relating to a Mortgaged Property before the last date upon which such payment may be made without any penalty or interest charge being added. Subject to such Collateral Pool Borrower’s right to contest under Section 15(d) of the Security Instruments, such Collateral Pool Borrower shall deliver to Fannie Mae evidence that such Borrower has paid each Imposition within thirty (30) days after making such payment.
Imposition Deposits. Notwithstanding the provision of Section 7(d) of the Security Instrument, on or before the first day of each Loan Year after the Initial Closing Date, and on or before the Closing Date of a Substitution Request or a Release Request, if Lender determines, based on the foregoing methodology, that a modified amount is required to be deposited with Lender as Imposition Deposits, applicable Collateral Pool Borrower or IDOT Guarantor shall deposit any deficiency with Lender, or Lender shall release any overage to such Collateral Pool Borrower or IDOT Guarantor, provided that, in the case of the latter, no Event of Default or Potential Event of Default then exists hereunder. The applicable Collateral Pool Borrower or IDOT Guarantor shall, subject to such Collateral Pool Borrower’s or IDOT Guarantor’s right to contest under Section 15(d) of the Security Instruments, pay each Imposition relating to a Mortgaged Property before the last date upon which such payment may be made without any penalty or interest charge being added. Subject to such Collateral Pool Borrower’s or IDOT Guarantor’s right to contest under Section 15(d) of the Security Instruments, such Collateral Pool Borrower or IDOT Guarantor shall deliver to Lender evidence that such Borrower or IDOT Guarantor has paid each Imposition within thirty (30) days after making such payment.
Imposition Deposits. (i) The Borrower shall deposit with the Lender, on or before the Initial Closing Date, cash in an amount equal to the highest aggregate monthly amount which would have been in escrow for Taxes and insurance premiums if individual escrow accounts were established for each Mortgaged Property in the Collateral Pool as of the Initial Closing Date, as such amount is determined by the Lender based on the DUS Guide. The amounts deposited under the preceding sentence are collectively referred to as the "Imposition Deposits." On or before the first day of each Loan Year after the Initial Closing Date, and on or before the Closing Date of a Collateral Substitution Request, a Collateral Addition Request or a Collateral Release Request, if the Lender determines, based on the foregoing methodology, that a modified amount is required to be deposited with the Lender as Imposition Deposits, the Borrower shall deposit any deficiency with the Lender, or the Lender shall release any overage to the Borrower, provided that, in the case of the latter, no Event of Default or Potential Event of Default then exists hereunder. The Borrower shall, subject to the Borrower's right to contest under Section 15(d) of the Security Instruments, pay each Imposition relating to a Mortgaged Property before the last date upon which such payment may be made without any penalty or interest charge being added. Subject to the Borrower's right to contest under Section 15(d) of the Security Instruments, the Borrower shall deliver to the Lender evidence that the Borrower has paid each Imposition within thirty days after making such payment.
(ii) Imposition Deposits shall be held in an institution (which may be the Lender, if the Lender is such an institution) whose deposits or accounts are insured or guaranteed by a federal agency. The Lender shall not be obligated to open additional accounts or deposit Imposition Deposits in additional institutions when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. So long as no Event of Default or Potential Event of Default has occurred and is continuing, the Lender shall release, or cause to be released, to the Borrower, not more frequently than once each month, interest on the Imposition Deposits at a per annum rate equal to LIBOR (as hereinafter defined) minus .65%, but not to exceed the actual amount of interest and other income earned by the Lender on the Imposition Deposits during such period of...
Imposition Deposits. All deposits for impositions or other escrowed funds or reserves required to be paid or funded by Seller for the benefit of Lender under the Loan Documents, which shall include at a minimum tax reserves in the amount of $177,375.26 (collectively, the "Seller Imposition Deposits").