Impound Deposits Sample Clauses

The Impound Deposits clause establishes a requirement for the borrower or tenant to make regular payments into a designated account, typically managed by the lender or landlord, to cover future expenses such as property taxes, insurance premiums, or other related costs. These payments are collected in advance and held in escrow, ensuring that sufficient funds are available when these obligations become due. By mandating impound deposits, this clause helps prevent defaults on critical payments, protects the interests of the lender or landlord, and ensures that essential property-related expenses are paid on time.
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Impound Deposits. Commencing on the Impound Commencement Date and continuing on each Payment Day thereafter, Borrower shall deposit with Lender an amount equal to 1/12th of the aggregate annual charges, as reasonably estimated by ▇▇▇▇▇▇, for all real property taxes on the Site(s) and, to the extent included with real property taxes, the amount of any levies and assessments (including special district and improvement lien taxes, levies, and assessments) on the Site(s) (collectively, the “Real Property Impositions”). On the Impound Commencement Date, Borrower shall also deposit with Lender a sum of money that, together with the monthly installments described above, will be sufficient to pay the next installment of Real Property Impositions 30 days prior to the date any delinquency or penalty becomes due with respect thereto. Amounts deposited with Lender pursuant to this subsection are referred to collectively as the “Imposition Deposits”. Under no circumstances will Real Property Impositions be deemed to include income taxes, sales tax, or payroll taxes.
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Impound Deposits. Monthly, on each Payment Day occurring after the Impound Commencement Date, Borrower shall deposit with Agent an amount equal to 1/12th of the aggregate annual charges, as reasonably estimated by Agent, for all real property taxes on each Site and, to the extent included with real property taxes, the amount of any levies and assessments (including special district and improvement lien taxes, levies, and assessments) on the Sites (collectively, the “Tax & Assessment Impositions”). On the Impound Commencement Date, Borrower shall deposit with Agent a sum of money that, together with the monthly installments described above following the Impound Commencement Date, will be sufficient to pay the next installment of Tax & Assessment Impositions 30 days prior to the date any delinquency or penalty becomes due with respect to such payment. Amounts deposited with Agent pursuant to this subsection are referred to collectively as the “Tax & Assessment Imposition Deposits”. Under no circumstances will Tax & Assessment Impositions be deemed to include income taxes, sales tax, or payroll taxes.
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Related to Impound Deposits

  • Returned Deposits ▪ Deposits made using the Mobile Deposit Service will be provisionally credited to your eligible account. You agree that if an original check deposited through the Mobile Deposit Service is subsequently dishonored, rejected or otherwise returned unpaid by the drawee bank, or is rejected or returned by a clearing agent or collecting bank, for any reason, including, but not limited to, issues relating to the quality of the image, that we may charge back the amount of the original check to your account and provide you with an image of the original check, a paper reproduction of the original check or a substitute check. You agree to reimburse us for all loss, cost, damage or expense caused by or relating to the processing of the returned item. Without our approval, you shall not attempt to redeposit or otherwise negotiate an original check if it has been charged back to you. We may debit any of your accounts to obtain payment for any item that has been rejected or returned, for any adjustment related to such item or for any warranty claim related to such item, whether or not the rejection, return, adjustment or warranty claim was made timely.

  • Initial Deposits On the Closing Date and on each Addition Date thereafter, the Servicer will deposit (in immediately available funds) into the Collection Account all Collections received after the applicable Cut-Off Date and through and including the Closing Date or Addition Date, as the case may be, in respect of Eligible Assets being transferred to and included as part of the Collateral on such date.

  • Time Deposits Without prejudice to any right of set-off any Secured Party may have under any other Finance Document or otherwise, if any time deposit matures on any account the Chargor has with any Secured Party within the Security Period when: (a) this Security has become enforceable; and (b) no Secured Liability is due and payable, that time deposit will automatically be renewed for any further maturity which that Secured Party considers appropriate.

  • Additional Deposits (a) The Servicer and the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date on which such obligations are due the aggregate Purchase Amount with respect to Purchased Receivables and the aggregate Sale Amounts with respect to Sold Receivables. (b) The proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 shall be deposited in the Collection Account.

  • Security Deposits The Owner hereby grants the Agent power to collect security deposits from the tenants on the Property. Returning said security deposit shall be the responsibility of the: (check one)