Common use of Impound Account Clause in Contracts

Impound Account. Borrower shall establish and maintain at all times while this Mortgage continues in effect an impound account (the “Impound Account”) with Lender for payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3.

Impound Account. Borrower shall establish and maintain at all times while this Mortgage Deed of Trust continues in effect an impound account (the “Impound Account”) with Lender for payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxxbill, statement xxxtement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxxbill, statement xxxtement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3.

Impound Account. Borrower Trustor shall establish pay to Beneficiary each month (on the first day thereof, together with the principal and maintain interest payments under the Notes) an amount estimated by Beneficiary to be equal to (a) the Taxes and Assessments payable under Section 6.3, and (b) premiums next due for all insurance carried under Section 6.4, each such estimate divided by the number of months to lapse preceding the month in which it will become due and Trustor irrevocably grants and assigns to Beneficiary a security interest in and to the amounts, if any, so paid by Trustor. Trustor acknowledges that an initial deposit may be made pursuant to the terms of the Loan Agreement. Such funds shall not be claimed to be held in trust and no sums so paid shall bear interest, except to the extent of the minimum amount of interest, if any, required by law; and Beneficiary shall, unless Trustor has committed an Event of Default, apply such funds to, or (at the sole option of Beneficiary) release such funds to Trustor for, payment of such Taxes and Assessments and premiums. If Trustor has committed an Event of Default, Beneficiary may, in its sole discretion, apply all times while or any part of such sums in order of priority as Beneficiary may determine to any indebtedness secured by this Mortgage continues Deed of Trust. Trustor shall restore all of the amounts so applied, as well as correct the other events or conditions constituting the Event of Default not corrected by such application. If the total amount retained in effect an the impound account (exceeds the “Impound Account”) with Lender for payment amount of real estate taxes and assessments and insurance payments actually applied by Beneficiary as set forth above, such excess may be credited by Beneficiary on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender subsequent payments to be necessary made by Trustor hereunder or, at the option of Beneficiary, refunded to ensure that there will Trustor; but if the security account shall not be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is sums required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to before the respective same are due date for payment thereofand payable, Trustor shall immediately deposit with Beneficiary the full amount of any such deficiency. Upon repayment of the amounts evidenced by the Notes and the satisfaction of all billsother obligations of Trustor secured hereby, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent any remaining funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender held under this paragraph shall be entitled released to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3Trustor.

Impound Account. Borrower shall establish and maintain at all times while this Mortgage Deed of Trust continues in effect an impound account (the “Impound Account”) with Lender for payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty twenty (3020) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3.

Impound Account. (a) Except as provided in Section 3.2(b) below, Borrower shall establish and maintain at all times while this Mortgage Deed of Trust continues in effect an impound account (the “Impound Account”) with Lender for payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due delinquency date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as reasonably estimated and determined by Lender. So long as no Default or Event of Default has occurred, occurred and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”)is continuing, all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurredexists, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. . (b) Notwithstanding anything herein or in any other Loan Document to the foregoingcontrary, so long at any time prior to the Maturity Date (as defined in the Note), unless and until an Event of Default has not occurredshall have occurred and be continuing, Borrower shall not be required to deposit into make deposits to the Impound Account payments as required by Section 3.2(a) of this Deed of Trust with respect to real estate taxes or assessments or for insurance premiums in connection with the Property so long as provided that Borrower promptly provides Lender with proof timely delivers satisfactory evidence of payment renewal of all insurance premiums and other charges in connection with the insurance premiums policy or policies as required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3hereunder.

Impound Account. (a) Borrower shall establish and maintain at all times while this Mortgage continues maintain and make deposits into the Taxes and Insurance Deposit Account as follows: commencing on the first day of the month in effect an impound account which Borrower is required to make its first interest payment under the Note (the “Impound AccountFirst Payment Date”), (i) with Lender for payment Borrower shall deposit into the Taxes and Insurance Deposit Account an amount equal to the product of one-twelfth (1/12th) of the yearly real estate taxes and assessments and insurance which may be levied on the Property (less any such amounts as are payable by tenants under leases of the Property), multiplied by the number of months which have elapsed since the end of the prior fiscal tax year and as additional security the First Payment Date (Borrower shall receive a credit for the Debt. Simultaneously with Initial Deposit), and (ii) thereafter, on the execution hereoffirst day of the month thereafter until the Maturity Date, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required or cause to be deposited with Lender hereunder on account of real estate taxes, assessments into the Taxes and insurance premiums, will result in there being on deposit with Lender in the Impound Insurance Deposit Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/121/12th) of the amount of the annual yearly real estate taxes and assessments that will next become due and payable which may be levied on the Property, plus one-twelfth (1/12) of Property and the amount of the annual yearly premiums that will next become due and payable on for all insurance policies which Borrower is required to maintain hereunder, each as estimated and determined be maintained by LenderBorrower. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which In connection with the passage of timeforegoing, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender’s receipt, at least thirty (30) days prior to the respective due date for payment thereofpayment, of all bills, invoices and statements for all taxes, real estate taxes and assessments and insurance premiums to be paid paid. In its sole discretion, Lender may retain a third party tax lien service to obtain tax certificates and other evidence or estimates of tax due or to become due and Borrower shall promptly reimburse Lender for the cost of such service. Any unpaid reimbursements for any tax lien service will be added to the Note. (b) Lender shall withdraw, and Borrower hereby authorizes Lender to withdraw, funds from the Impound Account, Taxes and so long as no Event Insurance Deposit Account from time to time in order to cover the payments of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate real estate taxes and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to assessments and insurance premiums in connection with as the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums same become due and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3payable.

Impound Account. Borrower Notwithstanding any provision of this Lease to the contrary, during the Term, Tenant shall establish and maintain deposit, at all times while this Mortgage continues in effect an impound account (the “Impound Account”) with Lender for time each payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereofMinimum Rent is due by Tenant under this Lease, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth of (1/12a) Tenant’s estimated annual Impositions relating to real estate and personal property taxes, of every kind and nature, required pursuant to Section 4.1, and (b) the estimated amount of insurance premiums required to procure the insurance coverage required to be maintained by Tenant pursuant to Section 13 below, into an impound account as directed by Landlord. The estimated amounts described in clauses (a) and (b) of the preceding sentence shall be established by Landlord in its reasonable discretion and may be adjusted from time to time by Landlord in its reasonable discretion. The cost of administering such impound account shall be paid by Tenant. At the time any payment of Impositions and/or insurance premiums for the insurance coverages required pursuant to Section 13 below is due, and upon request by Tenant, accompanied by copies of all tax bills, invoices or other evidence reasonably satisfactory to Landlord of the amounts so due, Landlord shall apply funds on deposit with Landlord in such impound account to the appropriate amount due to the appropriate taxing authority and/or insurance provider: provided, however, that (i) Landlord shall have no obligation to deliver funds in excess of the total amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurredfunds held in such account, and no event has occurred or failed to occur which with (ii) upon the passage occurrence of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums Landlord shall not be obligated to make such payments, but may instead apply such funds to payment of Tenant’s other obligations under this Lease in such order as Landlord may determine. On the Impound Account Commencement Date, Tenant shall deposit with Landlord such amounts, when considered with the monthly payments to be held made by Lender in the Impound Account Tenant pursuant to this Section, as may reasonably be required to pay said taxes, assessments the full amount of such Impositions and insurance premiums before at the time(s) the same become delinquentnext due, all as reasonably determined by Landlord. Borrower No amount deposited with Landlord or into an impound account established pursuant to this Section shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums or be deemed to be paid from the Impound Accountescrow or trust funds, and so long as no Event at Landlord’s option and in Landlord’s discretion, any amounts deposited with Landlord may either be held in a separate account or be commingled by Landlord with the general funds of Default has occurred, Lender Landlord. Tenant shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall not be entitled to rely interest on funds deposited with Landlord or contained in any xxxx, statement impound account established pursuant to this Section. Any amounts deposited with Landlord or estimate procured from contained in any impound account established pursuant to this Section shall be solely for the appropriate public office or insurance company or agent without any inquiry into protection of Landlord and the accuracy Premises and entail no responsibility on Landlord’s part beyond the application of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long amounts as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverageprovided above. In the event that (i) of a transfer of Landlord’s interest in the Premises or an Event assignment of Default occursLandlord’s interest in this Lease, and/or (ii) Borrower fails Landlord shall have the right to provide Lender transfer to the transferee the amounts deposited by Tenant with Landlord or in any impound account established by Landlord pursuant to this Section and thereupon shall, without any further agreement between the foregoing proof of payment of insurance premiums and/or evidence parties, be released by Tenant from all liability therefor, and it is agreed that the insurance required is provisions hereof shall apply to every transfer or assignment of such amounts to such a transferee/assignee. The amounts deposited by Tenant with Landlord or in place at least thirty (30) days prior any impound account established by Landlord pursuant to the due date thereof, Borrower shall this Section may also be required to deposit payments into the Impound Account with respect to insurance premiums assigned as security in connection with the Property as set forth a Mortgage. Nothing contained in this Section 3.3shall be deemed to affect any right or remedy of Landlord hereunder.

Impound Account. Borrower shall establish and maintain at all times while this Mortgage continues in effect an impound account (the “Impound Account”) with Lender for payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxxbill, statement xxxtement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxxbill, statement xxxtement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3.

Impound Account. Borrower shall establish and maintain at all times while this Mortgage Security Deed continues in effect an impound account (the “Impound Account”) with Lender for payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxxbill, statement xxxtement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxxbill, statement xxxtement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3.

Impound Account. Borrower Grantor shall establish and maintain at all times while this Mortgage Deed of Trust continues in effect an impound account (the “"Impound Account”") with Lender Beneficiary for payment of real estate taxes Taxes and assessments and insurance on the Property Insurance Premiums and as additional security for the DebtLoan. Simultaneously with the execution hereof, Borrower Grantor shall deposit in the Impound Account an amount determined by Lender Beneficiary to be necessary to ensure that there will be on deposit with Lender Beneficiary an amount which, when added to the monthly payments subsequently required to be deposited with Lender Beneficiary hereunder on account of real estate taxesImpositions (collectively, assessments and insurance premiums"Impound Funds"), will result in there being on deposit with Lender Beneficiary in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property Impositions at least one thirty (130) month days prior to the earlier of (a) the due date delinquency thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property Insurance Premiums at least one thirty (130) month days prior to the due date thereof. Commencing on the date which is the first monthly payment date under of the Note month after the closing of the Loan and continuing thereafter on each monthly payment date under the Note, Borrower Grantor shall pay to LenderBeneficiary, concurrently with and in addition to the monthly payment due under the Note and until the Debt Loan is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments Taxes that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums Insurance Premiums that will next become due and payable on insurance policies which Borrower Grantor is required to maintain hereunder, each as estimated and determined by LenderBeneficiary. So long as no Event of Default (as defined in Article III) has occurred, or event or matter which, with the passage of time or giving of notice, or both, would become an Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender Beneficiary in the Impound Account to pay said taxes, assessments Taxes and insurance premiums Insurance Premiums before the same become delinquent. Borrower Grantor shall be responsible for ensuring the receipt by LenderBeneficiary, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments Taxes and insurance premiums Insurance Premiums to be paid from the Impound Account, and so long as no Event of Default has occurredexists, Lender Beneficiary shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound AccountAccount or reimburse Beneficiary to the extent Grantor pays the Insurance Premiums for any period of time as part of payment of a blanket insurance policy and Grantor provides Beneficiary with proof of such payment. In making any payment from the Impound Account, Lender Beneficiary shall be entitled to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding The Impound Account shall not, unless otherwise explicitly required by applicable law, be or be deemed to be escrow or trust funds, but, at Beneficiary’s option and in Beneficiary’s discretion, may either be held in a separate account or be commingled by Beneficiary with the foregoing, so long as an Event general funds of Default has not occurred, Borrower shall not be required to deposit into Beneficiary. No interest on the funds contained in the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occursAccount, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereofif any, Borrower shall be paid by Beneficiary to Grantor (unless required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3by applicable law).

Impound Account. Borrower Notwithstanding any provision of this Lease to the contrary, during the Term, Tenant shall establish and maintain deposit, at all times while this Mortgage continues in effect an impound account (the “Impound Account”) with Lender for time each payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereofMinimum Rent is due by Tenant under this Lease, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of Tenant’s estimated annual Impositions relating to real estate and personal property taxes, of every kind and nature, required pursuant to Section 4.1, into an impound account as directed by Landlord. The estimated amounts described in this Section shall be established by Landlord in its reasonable discretion and may be adjusted from time to time by Landlord in its reasonable discretion. The cost of administering such impound account shall be paid by Tenant. At the time any payment of Impositions is due, and upon request by Tenant, accompanied by copies of all tax bills, invoices or other evidence reasonably satisfactory to Landlord of the amounts so due, Landlord shall apply funds on deposit with Landlord in such impound account to the appropriate amount due to the appropriate taxing authority, provided, however, that (i) Landlord shall have no obligation to deliver funds in excess of the total amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurredfunds held in such account, and no event has occurred or failed to occur which with (ii) upon the passage occurrence of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums Landlord shall not be obligated to make such payments, but may instead apply such funds to payment of Tenant’s other obligations under this Lease in such order as Landlord may determine. On the Impound Account Commencement Date, Tenant shall deposit with Landlord such amounts, when considered with the monthly payments to be held made by Lender in the Impound Account Tenant pursuant to this Section, as may reasonably be required to pay said taxes, assessments and insurance premiums before the full amount of such Impositions at the time(s) the same become delinquentnext due, all as reasonably determined by Landlord. Borrower No amount deposited with Landlord or into an impound account established pursuant to this Section shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums or be deemed to be paid from the Impound Accountescrow or trust funds, and so long as no Event at Landlord’s option and in Landlord’s discretion, any amounts deposited with Landlord may either be held in a separate account or be commingled by Landlord with the general funds of Default has occurred, Lender Landlord. Tenant shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall not be entitled to rely interest on funds deposited with Landlord or contained in any xxxx, statement impound account established pursuant to this Section. Any amounts deposited with Landlord or estimate procured from contained in any impound account established pursuant to this Section shall be solely for the appropriate public office or insurance company or agent without any inquiry into protection of Landlord and the accuracy Premises and entail no responsibility on Landlord’s part beyond the application of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long amounts as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverageprovided above. In the event that (i) of a transfer of Landlord’s interest in the Premises or an Event assignment of Default occursLandlord’s interest in this Lease, and/or (ii) Borrower fails Landlord shall have the right to provide Lender transfer to the transferee the amounts deposited by Tenant with Landlord or in any impound account established by Landlord pursuant to this Section and thereupon shall, without any further agreement between the foregoing proof of payment of insurance premiums and/or evidence parties, be released by Tenant from all liability therefor, and it is agreed that the insurance required is provisions hereof shall apply to every transfer or assignment of such amounts to such a transferee/assignee. The amounts deposited by Tenant with Landlord or in place at least thirty (30) days prior any impound account established by Landlord pursuant to the due date thereof, Borrower shall this Section may also be required to deposit payments into the Impound Account with respect to insurance premiums assigned as security in connection with the Property as set forth a Mortgage. Nothing contained in this Section 3.3shall be deemed to affect any right or remedy of Landlord hereunder.

Impound Account. Borrower shall establish and maintain at all times while this Mortgage continues in effect an impound account (the “Impound Account”) with Lender for payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxxbxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxxbxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3.

Impound Account. Borrower Upon the happening of an Event of Default, and so long as the Event of Default shall establish continue, at the request of Mortgagee, Mortgagor shall pay to Mortgagee each month on the first day thereof an amount reasonably estimated by Mortgagee to be equal to (a) the taxes and maintain assessments payable under Section 1.03 and (b) premiums next due for all insurance carried under Section 1.04, each such estimate divided by the number of months to lapse preceding the month in which it will become due and Mortgagor irrevocably grants and assigns to Mortgagee a security interest in and to the amounts, if any, so paid by Mortgagor. Such funds shall not be claimed to be held in trust and no sums so paid shall bear interest, except to the extent of the minimum amount of interest, if any, required by law; and Mortgagee shall, at all times while this Mortgage continues in effect an impound account (the “Impound Account”) with Lender for its option, either apply such funds to, or release such funds to Mortgagor for, payment of real estate such taxes and assessments and insurance on premiums. If the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit total amount retained in the Impound Account an impound account exceeds the amount determined of payments actually applied by Lender Mortgagee as set forth above, such excess may be credited by Mortgagee on subsequent payments to be necessary made by Mortgagor hereunder or, at the option of Mortgagee, refunded to ensure that there will Mortgagor; but if the security account shall not be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is sums required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to before the respective same are due date for payment thereofand payable, Mortgagor shall, within three (3) business days of receipt of written demand therefore from Mortgagee, deposit with Mortgagee the full amount of any such deficiency. Upon repayment of the amounts evidenced by the Term Notes and the satisfaction of all billsother Secured Obligations of Mortgagor secured hereby, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent any remaining funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender held under this paragraph shall be entitled released to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3Mortgagor.

Impound Account. Borrower shall establish and maintain at all times while this Mortgage Security Deed continues in effect an impound account (the “Impound Account”) with Lender for payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty twenty (3020) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3.

Impound Account. Borrower shall establish and maintain at all times while this Mortgage continues in effect an impound account (the ““ Impound AccountAccount ”) with Lender for payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default“ Default ”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3.

Impound Account. Borrower shall establish and maintain at all times while this Mortgage continues in effect an impound account (the “Impound Account”) with Lender for payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date If requested by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the NoteMortgagee, Borrower shall Xxxxxxxxx will pay to LenderMortgagee monthly in advance, concurrently with and in addition to any other payments required by the monthly payment due under the Note and until the Debt is fully paid and performedLoan Documents, deposits in an amount a sum equal to onethe real-twelfth property taxes, real-property assessments, and premiums for the Insurance Policies (1/12collectively, “Real-Property/Insurance Charges”) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Mortgaged Properties (all as reasonably estimated by Mortgagee), less all such sums already paid, divided by the number of months to elapse before the date when such Real-Property, plus one-twelfth (1/12) of the amount of the annual premiums that /Insurance Charges will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “DefaultImpound Payments”), all sums in . (b) Mortgagee will hold the Impound Account shall be held by Lender in Payments and may (1) commingle the Impound Account Payments with deposits of others; (2) invest the Impound Payments for Mortgagee’s sole benefit, without paying interest to Mortgagor; and (3) from time to time use the Impound Payments to pay said taxes, assessments the Real-Property/Insurance Charges as and insurance premiums before when the same become delinquent. Borrower shall be responsible for ensuring due and payable. (c) If the receipt by Lendertotal of the Impound Payments exceed the amount necessary to pay the Real-Property/Insurance Charges, at least thirty Mortgagee may (30in its sole discretion) days prior release the excess to Mortgagor or apply it to the respective due date for payment thereof, Debt. If the total of all bills, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall Payments is insufficient to pay the governmental authority or other party entitled thereto directly Real-Property/Insurance Charges when they become due and payable, then Mortgagor will pay to Mortgagee any amount necessary to make up the extent funds are available for deficiency by the date when such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty become due. (30d) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth Nothing in this Section 3.3affects Xxxxxxxxx’s sole obligation to procure and maintain the Insurance Policies or notify Mortgagee of the due dates for the Real-Property/Insurance Charges. This Section does not make Mortgagee an agent of Mortgagor for any purpose. Mortgagee will not be liable to Mortgagor or to any other Person for Mortgagee’s not procuring or maintaining any Insurance Policy or paying any Real-Property/Insurance Charge, through neglect or otherwise. (e) If Mortgagor pays the Debt in full, Mortgagee will, in computing the amount of indebtedness, credit to Mortgagor any remaining balance of the Impound Payments. If a Material Default occurs and the Mortgaged Properties are sold in accordance with this Mortgage, or if Mortgagee acquires the Mortgaged Properties otherwise after a Material Default, Mortgagee may apply any remaining balance of the Impound Payments as a credit against the Debt.

Impound Account. Borrower shall establish and maintain at all times while this Mortgage continues in effect an impound account (the “Impound Account”) with Lender for payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3.

Impound Account. (a) Borrower shall establish and maintain at all times while this Mortgage continues maintain and make deposits into the Taxes and Insurance Deposit Account as follows: commencing on the first day of the month in effect an impound account which Borrower is required to make its first interest payment under the Note (the “Impound AccountFirst Payment Date”), (i) with Lender for payment Borrower shall deposit into the Taxes and Insurance Deposit Account an amount equal to the product of one-twelfth (1/12th) of the yearly real estate taxes and assessments and insurance which may be levied on the Property multiplied by the number of months which have elapsed since the end of the prior fiscal tax year and as additional security the First Payment Date (Borrower shall receive a credit for the Debt. Simultaneously with Initial Deposit), and (ii) thereafter, on the execution hereoffirst day of the month thereafter until the Maturity Date, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required or cause to be deposited with Lender hereunder on account of real estate taxes, assessments into the Taxes and insurance premiums, will result in there being on deposit with Lender in the Impound Insurance Deposit Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/121/12th) of the amount of the annual yearly real estate taxes and assessments that will next become due and payable which may be levied on the Property, plus one-twelfth (1/12) of Property and the amount of the annual yearly premiums that will next become due and payable on for all insurance policies which Borrower is required to maintain hereunder, each as estimated and determined be maintained by LenderBorrower. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which In connection with the passage of timeforegoing, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender’s receipt, at least thirty (30) days prior to the respective due date for payment thereofpayment, of all bills, invoices and statements for all taxes, real estate taxes and assessments and insurance premiums to be paid paid. In its sole discretion, Lender may retain a third party tax lien service to obtain tax certificates and other evidence or estimates of tax due or to become due and Borrower shall promptly reimburse Lender for the cost of such service. Any unpaid reimbursements for any tax lien service will be added to the Note. (b) Lender shall withdraw, and Borrower hereby authorizes Lender to withdraw, funds from the Impound Account, Taxes and so long as no Event Insurance Deposit Account from time to time in order to cover the payments of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate real estate taxes and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to assessments and insurance premiums in connection with as the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums same become due and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3payable.

Impound Account. Borrower shall establish and maintain at all times while Upon any Event of Default under this Mortgage continues in effect an impound account (the “Impound Account”) with Lender for payment Deed of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereofTrust, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount whichwhether or not subsequently cured, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient Trustor agrees to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof Beneficiary, if Beneficiary so requests, in addition to any other payments required hereunder or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performedinstallments, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to the respective due date for payment thereofBeneficiary, of all bills, invoices and statements for all taxes, assessments and insurance premiums (together with ground rents if the Property includes a leasehold estate) for the purpose of building up a fund to insure payment when due or before delinquency of any or all of the taxes, assessments and insurance premiums (and rents if applicable) required to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender shall be entitled to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection the Property. If the amounts paid to Beneficiary under the provisions of this Paragraph 5 are insufficient to discharge the obligations of Trustor to pay such premiums, taxes and assessments (and rents if applicable) as the same become due or delinquent, Trustor shall pay to Beneficiary, upon its demand, such additional sums as are necessary to discharge Trustor's obligations to pay such amounts. All moneys paid to Beneficiary under this Paragraph 5 may be intermingled with other moneys of or paid to Beneficiary but a separate account called "Impound Account" shall be maintained therefor. Disbursements shall be made against such account for the Property so long as Borrower promptly provides Lender with proof payment by Beneficiary of payment of all insurance premiums the foregoing amounts, whether before or after they become due and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coveragepayable. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with a default in the foregoing proof of payment of insurance premiums and/or evidence that any moneys due on the insurance required is Note or default in place the performance of any of the covenants and obligations of this Deed of Trust, then the balance remaining from moneys paid to Beneficiary under the provisions of this Paragraph 5 may, at least thirty (30) days prior the option of Beneficiary, be applied to the due date thereof, Borrower shall be required payment of principal and/ or interest upon the Note after being applied to deposit payments into any of the purposes for which the Impound Account with respect was established. Beneficiary will make such reports of the Impound Account as are required by law. If Beneficiary sells or assigns this Deed of Trust, Beneficiary shall have the right to insurance premiums in connection with transfer all amounts deposited under this Paragraph 5 to the Property as set forth in this Section 3.3purchaser or assignee, and Beneficiary shall thereupon be released and have no further liability hereunder for the application of such deposits, and Trustor shall look solely to such purchaser or assignee for such application and for all responsibility relating to such deposits.

Impound Account. Borrower shall establish and maintain at all times while this Mortgage Deed of Trust continues in effect an impound account (the “Impound Account”) with Lender for payment of real estate taxes and assessments and insurance on the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit in the Impound Account an amount determined by Lender to be necessary to ensure that there will be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by LenderLxxxxx. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender Lxxxxx in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by LenderLxxxxx, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender Lxxxxx shall be entitled to rely on any xxxxbill, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxxbill, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3.

Impound Account. Borrower Upon the happening of an Event of Default, and so long as the Event of Default shall establish continue, at the request of Mortgagee, Mortgagor shall pay to Mortgagee each month on the first day thereof an amount reasonably estimated by Mortgagee to be equal to (a) the taxes and maintain assessments payable under Section 1.03 and (b) premiums next due for all insurance carried under Section 1.04, each such estimate divided by the number of months to lapse preceding the month in which it will become due and Mortgagor irrevocably grants and assigns to Mortgagee a security interest in and to the amounts, if any, so paid by Mortgagor. Such funds shall not be claimed to be held in trust and no sums so paid shall bear interest, except to the extent of the minimum amount of interest, if any, required by law; and Mortgagee shall, at all times while this Mortgage continues in effect an impound account (the “Impound Account”) with Lender for its option, either apply such funds to, or release such funds to Mortgagor for, payment of real estate of, such taxes and assessments and insurance on premiums. If the Property and as additional security for the Debt. Simultaneously with the execution hereof, Borrower shall deposit total amount retained in the Impound Account an impound account exceeds the amount determined of payments actually applied by Lender Mortgagee as set forth above, such excess may be credited by Mortgagee on subsequent payments to be necessary made by Mortgagor hereunder or, at the option of Mortgagee, refunded to ensure that there will Mortgagor; but if the security account shall not be on deposit with Lender an amount which, when added to the monthly payments subsequently required to be deposited with Lender hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with Lender in the Impound Account an amount sufficient to pay the next due installment of real estate taxes and assessments on the Property at least one (1) month prior to the earlier of (a) the due date thereof or (b) any such date by which Borrower or Lender is sums required by law to pay same and the next due annual insurance premiums with respect to the Property at least one (1) month prior to the due date thereof. Commencing on the first monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Borrower shall pay to Lender, concurrently with and in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Borrower is required to maintain hereunder, each as estimated and determined by Lender. So long as no Default or Event of Default has occurred, and no event has occurred or failed to occur which with the passage of time, the giving of notice, or both would constitute an Event of Default (a “Default”), all sums in the Impound Account shall be held by Lender in the Impound Account to pay said taxes, assessments and insurance premiums before the same become delinquent. Borrower shall be responsible for ensuring the receipt by Lender, at least thirty (30) days prior to before the respective same are due date for payment thereofand payable, Mortgagor shall, within three (3) business days of receipt of written demand therefore from Mortgagee, deposit with Mortgagee the full amount of any such deficiency. Upon repayment of the amounts evidenced by the Term Notes and the satisfaction of all billsother Secured Obligations of Mortgagor secured hereby, invoices and statements for all taxes, assessments and insurance premiums to be paid from the Impound Account, and so long as no Event of Default has occurred, Lender shall pay the governmental authority or other party entitled thereto directly to the extent any remaining funds are available for such purpose in the Impound Account. In making any payment from the Impound Account, Lender held under this paragraph shall be entitled released to rely on any xxxx, statement or estimate procured from the appropriate public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall not be required to deposit into the Impound Account payments with respect to insurance premiums in connection with the Property so long as Borrower promptly provides Lender with proof of payment of all insurance premiums and other charges in connection with the insurance premiums required in connection with the Property and evidence that such required insurance is in place and is renewed at least thirty (30) days prior to the expiration of any insurance coverage. In the event that (i) an Event of Default occurs, and/or (ii) Borrower fails to provide Lender with the foregoing proof of payment of insurance premiums and/or evidence that the insurance required is in place at least thirty (30) days prior to the due date thereof, Borrower shall be required to deposit payments into the Impound Account with respect to insurance premiums in connection with the Property as set forth in this Section 3.3Mortgagor.