Impound Accounts. 4.4.1 Upon the occurrence and during the continuance of a Real Estate Tax Impound Account Trigger Event, Lessee shall deposit, at the time of any payment of Minimum Rent, an amount equal to one-twelfth (1/12th) of Lessee’s estimated annual Impositions relating to real estate taxes, of every kind and nature, required pursuant to Section 4.1 in a segregated, interest bearing tax impound account as directed by Lessor. Such amounts shall be applied to the payment of the obligations in respect of which said amounts were deposited in such order or priority as Lessor shall determine, on or before the respective dates on which the same or any of them would become delinquent. Nothing in this Section 4.4.1 shall be deemed to affect any other right or remedy of Lessor hereunder.
4.4.2 Upon the occurrence and during the continuance of an Insurance Premium Impound Account Trigger Event, Lessee shall deposit at the time of any payment of Minimum Rent, an amount equal to one-twelfth (1/12th) of Lessee’s estimated annual insurance premiums required pursuant to Section 4.3 in a segregated, interest bearing insurance impound account as directed by Lessor. Such amounts shall be applied to the payment of the obligations in respect of which said amounts were deposited in such order or priority as Lessor shall determine, on or before the respective dates on which the same or any of them would become delinquent. Nothing in this Section 4.4.2 shall be deemed to affect any other right or remedy of Lessor hereunder.
4.4.3 No amount deposited with Lessor or into an impound account established pursuant to this Section 4.4 shall be or be deemed to be escrow or trust funds, provided that all amounts deposited with Lessor shall be held in segregated, interest-bearing accounts as designated by and under the control of Lessor. Lessee shall be entitled to have interest earned on funds deposited into an impound account established pursuant to this Section 4.4 (but Lessor shall have no obligation to provide any specified rate of return and shall have no liability to Lessee with respect to the amount of any such interest earned on such deposits). Any amounts deposited with Lessor or contained in any impound account established pursuant to this Section 4.4 shall be solely for the protection of Lessor and the Leased Property and entail no responsibility on Lessor’s part beyond the timely application of such amounts as provided above. The cost of administering any impound accounts shall be paid ...
Impound Accounts. The Seller hereby assigns to the Buyer, its successors and assigns, all of its rights, title and interest in and to the reserve accounts, impound accounts and/or Escrow Deposits which have been established with Lender for the payment of taxes, assessments, repairs and replacements, production of financial reports, tenant rollover, tenant improvements and insurance, and the Lender, PNC Bank, National Association, and Midland are hereby released from any further responsibility to the Seller in connection with such accounts.
Impound Accounts. Seller hereby assigns (effective as of the Closing) to the Buyer, its successors and assigns, all of its rights, title and interest in and to the reserve accounts, impound accounts and/or escrow deposits which have been established with Lender for the payment of taxes, assessments, repairs and replacements, production of financial reports, tenant rollover, tenant improvements and/or insurance, and Lender is hereby released from any further responsibility to the Seller in connection with such accounts.
Impound Accounts. To the extent that any Property Operator is required to maintain an impound account pursuant to Section 4.4 of the Master Lease, Borrower shall cause the Property Owner with respect to the Facility leased by such Property Operator to direct that such impound account to be maintained with and subject to the control of Lender, and shall cause the applicable Property Owner to execute such documents as shall be requested by Lender with respect thereto.
Impound Accounts. 64 (r) Subordination of Management Agreements................................................64 (s) Board Attendance......................................................................64 (t) Release of Lien on Somerby Purchase Option............................................65 (u)
Impound Accounts. Notwithstanding Section 4.4 of the Master Lease, Lessor agrees that it shall not bring suit or exercise any right or remedy (including, without limitation, delivering a notice of default under the Master Lease, terminating the Master Lease, declaring an Event of Default under the Master Lease or exercising any other right or remedy under the Master Lease) arising out of the failure of Lessee to deposit or pay any amounts required to be deposited pursuant to Section 4.4 of the Master Lease prior to the Deferred Payment Date; provided, however, that, on the Deferred Payment Date, Lessee will deposit, in accordance with Section 4.4 of the Master Lease, all amounts that, but for the operation of this Section 2 of this Agreement, Lessee would have been required to so deposit pursuant to Section 4.4 of the Master Lease during the period between the date hereof and date immediately prior to the Deferred Payment Date. For the avoidance of doubt, the Lessee acknowledges and agrees that the amounts to be funded into Impound Accounts is due and owing to the Lessor under the Master Lease, and that the terms of this Agreement constitute a forbearance of the overdue obligation and shall in no way be construed as a waiver of the underlying obligation or modification to the terms of the Master Lease.
Impound Accounts. Upon the occurrence of any Event of Default hereunder, at Bank’s option, Borrower shall establish with Bank (i) a non-interest bearing tax and/or insurance impound account and shall deposit therein, on a monthly basis, sufficient funds to pay real property taxes, assessments and premiums for fire and hazard insurance, rent loss insurance, and such other insurance covering the Property as Bank may require, not later than thirty (30) days prior to their due date(s); and/or (ii) a non-interest bearing account and shall deposit therein, on a monthly basis, an amount (as determined by Bank) sufficient to accumulate funds to pay operating, replacement and/or tenant improvements costs when the same are projected to become payable.
Impound Accounts. There are no impound accounts for taxes, insurance or any other items associated with the Loan in question except as may be shown on Schedule 1 attached to the Loan Purchase Certificate for such Loan.
Impound Accounts. At Landlord’s option following the occurrence and during the continuation of an Event of Default described in Section 12.1(a) (to be exercised by fifteen (15) days’ written notice to Tenant), Tenant shall be required to deposit, at the time of any payment of Base Rent, an amount equal to one-twelfth of the sum of (a) Tenant’s estimated annual Impositions required pursuant to Section 3.1 hereof (as reasonably estimated by Landlord) and (b) Tenant’s estimated annual insurance premium costs (as reasonably determined by Landlord). Such amounts shall be applied by Landlord to the payment of the obligations in respect of which said amounts were deposited on or before the respective dates on which the same or any of them would become delinquent. Interest, if any, carried on such amounts shall accrue for the benefit of and be payable to Tenant at the end of the Term. The reasonable cost of administering such impound account shall be paid by Tenant. Nothing in this Section 3.3 shall be deemed to affect any right or remedy of Landlord hereunder.
Impound Accounts. There are no impound accounts for taxes, insurance or any other items associated with the Option in question.
