Common use of Impound Account Clause in Contracts

Impound Account. Upon the occurrence of an Event of Default under this Deed of Trust or any other Loan Document, Lender may require Borrower to pay to Lender sums which will provide an impound account (which shall not be deemed a trust fund) for paying up to the next one year of taxes, assessments and/or insurance premiums. Upon such requirement, Lender will estimate the amounts needed for such purposes and will notify Borrower to pay the same to Lender in equal monthly installments, as nearly as practicable, in addition to all other sums due under this Deed of Trust. Should additional funds be required at any time, Borrower shall pay the same to Lender on demand. Borrower shall advise Lender of all taxes and insurance bills which are due and shall cooperate fully with Lender in assuring that the same are paid. Lender may deposit all impounded funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of Lender. Interest or other gains from such funds, if any, shall be the sole property of Lender. If an Event of Default shall occur subsequent to Lender requiring the establishment of an impound account pursuant to this Section, Lender may apply all impounded funds against any sums due from Borrower to Lender. Lender shall give to Borrower an annual accounting showing all credits and debits to and from such impounded funds received from Borrower.

Impound Account. Upon the occurrence of an Event of Default under this Deed of Trust to Secure Debt or any other Loan Document, Lender Grantee may require Borrower Grantor to pay to Lender Grantee sums which will provide an impound account (which shall not be deemed a trust fund) for paying up to the next one year of taxes, assessments and/or insurance premiums. Upon such requirement, Lender Grantee will estimate the amounts needed for such purposes and will notify Borrower Grantor to pay the same to Lender Grantee in equal monthly installments, as nearly as practicable, in addition to all other sums due under this Deed of Trustto Secure Debt. Should additional funds be required at any time, Borrower Grantor shall pay the same to Lender Grantee on demand. Borrower Grantor shall advise Lender Grantee of all taxes and insurance bills which are due and shall cooperate fully with Lender Grantee in assuring that the same are paid. Lender Grantee may deposit all impounded funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of LenderGrantee. Interest or other gains from such funds, if any, shall be the sole property of LenderGrantee. If an Event of Default shall occur subsequent to Lender Grantee requiring the establishment of an impound account pursuant to this Section, Lender Grantee may apply all impounded funds against any sums due from Borrower Grantor to LenderGrantee. Lender Grantee shall give to Borrower Grantor an annual accounting showing all credits and debits to and from such impounded funds received from BorrowerGrantor.

Impound Account. Upon the occurrence of an Event of Default under this Deed of Trust Mortgage or any other Loan Document, Lender may require Borrower to pay to Lender sums which will provide an impound account (which shall not be deemed a trust fund) for paying up to the next one year of taxes, assessments and/or insurance premiums. Upon such requirement, Lender will estimate the amounts needed for such purposes and will notify Borrower to pay the same to Lender in equal monthly installments, as nearly as practicable, in addition to all other sums due under this Deed of TrustMortgage. Should additional funds be required at any time, Borrower shall pay the same to Lender on demand. Borrower shall advise Lender of all taxes and insurance bills which are due and shall cooperate fully with Lender in assuring that the same are paid. Lender may deposit all impounded funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of Lender. Interest or other gains from such funds, if any, shall be the sole property of Lender. If an Event of Default shall occur subsequent to Lender requiring the establishment of an impound account pursuant to this Section, Lender may apply all impounded funds against any sums due from Borrower to Lender. Lender shall give to Borrower an annual accounting showing all credits and debits to and from such impounded funds received from Borrower.