Common use of Impound Payments Clause in Contracts

Impound Payments. Mortgagor will, upon receipt of written request from Mortgagee in its sole and unreviewable discretion, pay to Mortgagee contemporaneously with each monthly payment of interest, principal or principal and interest, a sum equal to one-twelfth (1/12th) of the hazard insurance premiums, real estate taxes, water rents or charges, sewer rents, payments in lieu thereof, special assessments and any other tax, assessment, lien, claim or encumbrance which may at any time be or become a lien on the Mortgaged Property prior to, or on a parity with, the lien of this Mortgage so as to enable Mortgagee to pay the same at least thirty (30) days before they become due, and Mortgagee shall, upon receipt of bills for such charges, pay the same from the sums deposited hereunder. If special assessments against the Mortgaged Property may be paid in installments and Mortgagor elects to do so, the monthly payments to Mortgagee for such special assessments shall be one-twelfth (1/12th) of the current annual installments. No amounts so paid shall be deemed to be trust funds but may be commingled with general funds of Mortgagee, and no interest shall be payable thereon. If, pursuant to any provision of this Mortgage, the whole amount of said principal debt remaining or any installment of interest, principal or principal and interest become due and payable, Mortgagee shall apply any amounts so held in payment of the premiums or payments for which the amounts were deposited. If the taxes, assessments, levies, charges or fees required to be paid pursuant to Section 3.2 hereof shall exceed the estimate therefor, Mortgagor shall without demand forthwith make good the deficiency. If the taxes, assessments, levies, charges, or fees shall be less than the estimate therefor, Mortgagee shall refund the overpayment to Mortgagor. Mortgagor will furnish to Mortgagee tax bills in sufficient time after Mortgagor's receipt thereof to enable Mortgagee to pay such taxes, assessments, levies, charges and fees before interest and penalties accrue thereon.

Impound Payments. Mortgagor willBorrower shall, upon receipt of written request from Mortgagee in its sole and unreviewable discretionLender after an Event of Default, pay to Mortgagee Lender contemporaneously with each monthly payment of interest, principal or principal and interest, a sum equal to one-twelfth (1/12th) of the hazard insurance premiums, real estate taxes, water rents or charges, sewer rents, payments in lieu thereof, special assessments and any other tax, assessment, lien, claim or encumbrance which may at any time be or become a lien on the Mortgaged Property Project prior to, or on a parity with, the lien of this the Second Mortgage so as to enable Mortgagee Lender to pay the same at least thirty (30) days before they become due, and Mortgagee Lender shall, upon receipt of bills for such charges, pay the same from the sums deposited hereunderhereunder prior to interest and/or penalties accruing (provided Lender receives each xxxx at least fifteen (15) days before its due date). If special assessments against the Mortgaged Property Project may be paid in installments and Mortgagor Borrower elects to do so, the monthly payments to Mortgagee Lender for such special assessments shall be one-twelfth (1/12th) of the current annual installments. No amounts so paid shall be deemed to be trust funds but may be commingled with general funds of MortgageeLender, and no interest shall be payable thereon. If, pursuant to any provision of this MortgageAgreement, the whole amount of said principal debt remaining or any installment of interest, principal or principal and interest become due and payable, Mortgagee Lender shall apply any amounts so held in payment of the premiums or payments for which the amounts were deposited. If the taxes, assessments, levies, charges or fees required to be paid pursuant to Section 3.2 hereof shall exceed the estimate therefor, Mortgagor Borrower shall without demand forthwith make good the deficiency. If the taxes, assessments, levies, charges, or fees shall be less than the estimate therefor, Mortgagee shall refund the overpayment to Mortgagor. Mortgagor Borrower will furnish bills for the above items to Mortgagee tax bills in sufficient time Lender promptly after Mortgagor's receipt thereof to enable Mortgagee to pay such taxes, assessments, levies, charges and fees before interest and penalties accrue thereonreceipt.

Impound Payments. Mortgagor willAt Landlord=s option or upon Tenant’s request, upon receipt Landlord may (but shall not be required to), at any time, establish an impound account and require that Tenant pay into such account, in advance on a monthly basis, an estimated amount sufficient in Landlord=s reasonable judgment to cover all real and personal property taxes and/or all insurance premiums for insurance to be maintained by Tenant with respect to the Premises (such monthly payments being referred to hereinafter as AImpound Payments@); provided, however, impounds for insurance premiums may be required by Landlord only after a default by Tenant or Tenant’s failure to provide evidence of written request from Mortgagee insurance. Notwithstanding the foregoing, at the commencement of the Lease, Landlord shall establish and Tenant shall make monthly payments into an impound account for real and personal property taxes. As of September 30, 2010, Landlord holds tax impounds in the amount of $27,069.89 under the Prior Lease, which shall continue to be held by Landlord pursuant to the terms of this Section 9. Subject to adjustment in Landlord’s reasonable discretion, the initial monthly real property tax impound payment to be made by Tenant hereunder shall be $5,616. All Impound Payments received by Landlord shall be held in an institution chosen by Landlord, in its sole and unreviewable discretion, pay provided that the deposits of such institution are insured by a federal or state agency. Landlord shall be permitted to Mortgagee contemporaneously commingle any such Impound Payments with each monthly its own funds or the funds of other tenants of Landlord (or Landlord=s affiliates), as Landlord shall determine in its sole discretion. Landlord shall apply the Impound Payments toward payment of interest, principal or principal and interest, a sum equal to one-twelfth (1/12th) of the hazard insurance premiums, real estate taxes, water rents personal property taxes and insurance premiums otherwise payable by Tenant hereunder; provided, however, that Landlord shall only be obligated to so apply the Impound Payments to the extent of the balance of Impound Payments actually received by Landlord from Tenant. Any Impound Payments received or chargesheld by Landlord hereunder shall not bear interest for Tenant=s benefit. Upon Landlord=s exercise of its option to collect such Impound Payments from Tenant, sewer rents, payments in lieu thereof, special assessments and any other tax, assessment, lien, claim or encumbrance which may at any time be or become a lien on the Mortgaged Property prior to, or on a parity with, the lien Tenant=s prompt payment of this Mortgage so as such Impound Payments to enable Mortgagee to pay the same at least thirty (30) days before they become due, and Mortgagee shall, upon receipt of bills for such charges, pay the same from the sums deposited hereunder. If special assessments against the Mortgaged Property may be paid in installments and Mortgagor elects to do so, the monthly payments to Mortgagee for such special assessments Landlord shall be one-twelfth (1/12th) a material covenant of Tenant and additional rent under this Lease. Landlord shall provide to Tenant an annual accounting of any Impound Payments received by Landlord, reflecting all credits and debits to the balance of the current annual installments. No amounts so paid shall be deemed to be trust funds but may be commingled with general funds of Mortgagee, Impound Payments and no interest shall be payable thereon. If, pursuant to any provision of this Mortgage, the whole amount of said principal debt remaining or any installment of interest, principal or principal and interest become due and payable, Mortgagee shall apply any amounts so held in payment of the premiums or payments purpose for which the amounts were depositedeach debit to such balance was made. If the balance of the Impound Payments held by Landlord, together with the future monthly Impound Payments payable by Tenant prior to the due dates of real estate taxes, assessments, levies, charges or fees required to be paid pursuant to Section 3.2 hereof personal property taxes and insurance premiums shall exceed the estimate thereforamount required to pay said real estate taxes, Mortgagor shall without demand forthwith make good personal property taxes and insurance premiums as they fall due, at Landlord's option, such excess may either be repaid to Tenant or credited toward the deficiencynext monthly Impound Payment(s) due from Tenant. If the balance of the Impound Payments held by Landlord, together with the future monthly Impound Payments payable by Tenant prior to the due dates of real estate taxes, assessments, levies, charges, or fees personal property taxes and insurance premiums shall be less than the estimate therefor, Mortgagee shall refund the overpayment to Mortgagor. Mortgagor will furnish to Mortgagee tax bills in sufficient time after Mortgagor's receipt thereof to enable Mortgagee insufficient to pay such real estate taxes, assessmentspersonal property taxes and insurance premiums as they fall due, levies, charges and fees before interest and penalties accrue thereonTenant shall pay to Landlord any amount necessary to make up the deficiency within three (3) business days of Landlord=s request.

Impound Payments. Mortgagor willBorrower shall, upon receipt of written request from Mortgagee in its sole and unreviewable discretionLender after an Event of Default, pay to Mortgagee Lender contemporaneously with each monthly payment of interest, principal or principal and interest, a sum equal to one-twelfth (1/12th) of the hazard insurance premiums, real estate taxes, water rents or charges, sewer rents, payments in lieu thereof, special assessments and any other tax, assessment, lien, claim or encumbrance which may at any time be or become a lien on the Mortgaged Property Project prior to, or on a parity with, the lien of this the Mortgage so as to enable Mortgagee Lender to pay the same at least thirty (30) days before they become due, and Mortgagee Lender shall, upon receipt of bills for such charges, pay the same from the sums deposited hereunderhereunder prior to interest and/or penalties accruing (provided Lender receives each xxxx at least fifteen (15) days before its due date). If special assessments against the Mortgaged Property Project may be paid in installments and Mortgagor Borrower elects to do so, the monthly payments to Mortgagee Lender for such special assessments shall be one-twelfth (1/12th) of the current annual installments. No amounts so paid shall be deemed to be trust funds but may be commingled with general funds of MortgageeLender, and no interest shall be payable thereon. If, pursuant to any provision of this MortgageAgreement, the whole amount of said principal debt remaining or any installment of interest, principal or principal and interest become due and payable, Mortgagee Lender shall apply any amounts so held in payment of the premiums or payments for which the amounts were deposited. If the taxes, assessments, levies, charges or fees required to be paid pursuant to Section 3.2 hereof shall exceed the estimate therefor, Mortgagor Borrower shall without demand forthwith make good the deficiency. If the taxes, assessments, levies, charges, or fees shall be less than the estimate therefor, Mortgagee shall refund the overpayment to Mortgagor. Mortgagor Borrower will furnish bills for the above items to Mortgagee tax bills in sufficient time Lender promptly after Mortgagor's receipt thereof receipt. Back to enable Mortgagee to pay such taxes, assessments, levies, charges and fees before interest and penalties accrue thereon.Contents

Impound Payments. Mortgagor willAt Landlord=s option or upon Tenant’s request, upon receipt Landlord may (but shall not be required to), at any time, establish an impound account and require that Tenant pay into such account, in advance on a monthly basis, an estimated amount sufficient in Landlord=s reasonable judgment to cover all real and personal property taxes and/or all insurance premiums for insurance to be maintained by Tenant with respect to the Premises (such monthly payments being referred to hereinafter as AImpound Payments@); provided, however, impounds for insurance premiums may be required by Landlord only after a default by Tenant or Tenant’s failure to provide evidence of written request from Mortgagee insurance. Notwithstanding the foregoing, at the commencement of the Lease, Landlord shall establish and Tenant shall make monthly payments into an impound account for real and personal property taxes. As of September 30, 2010, Landlord holds tax impounds in the amount of $17,830.02 under the Prior Lease, which shall continue to be held by Landlord pursuant to the terms of this Section 9. Subject to adjustment in Landlord’s reasonable discretion, the initial monthly real property tax impound payment to be made by Tenant hereunder shall be $3,700. All Impound Payments received by Landlord shall be held in an institution chosen by Landlord, in its sole and unreviewable discretion, pay provided that the deposits of such institution are insured by a federal or state agency. Landlord shall be permitted to Mortgagee contemporaneously commingle any such Impound Payments with each monthly its own funds or the funds of other tenants of Landlord (or Landlord=s affiliates), as Landlord shall determine in its sole discretion. Landlord shall apply the Impound Payments toward payment of interest, principal or principal and interest, a sum equal to one-twelfth (1/12th) of the hazard insurance premiums, real estate taxes, water rents personal property taxes and insurance premiums otherwise payable by Tenant hereunder; provided, however, that Landlord shall only be obligated to so apply the Impound Payments to the extent of the balance of Impound Payments actually received by Landlord from Tenant. Any Impound Payments received or chargesheld by Landlord hereunder shall not bear interest for Tenant=s benefit. Upon Landlord=s exercise of its option to collect such Impound Payments from Tenant, sewer rents, payments in lieu thereof, special assessments and any other tax, assessment, lien, claim or encumbrance which may at any time be or become a lien on the Mortgaged Property prior to, or on a parity with, the lien Tenant=s prompt payment of this Mortgage so as such Impound Payments to enable Mortgagee to pay the same at least thirty (30) days before they become due, and Mortgagee shall, upon receipt of bills for such charges, pay the same from the sums deposited hereunder. If special assessments against the Mortgaged Property may be paid in installments and Mortgagor elects to do so, the monthly payments to Mortgagee for such special assessments Landlord shall be one-twelfth (1/12th) a material covenant of Tenant and additional rent under this Lease. Landlord shall provide to Tenant an annual accounting of any Impound Payments received by Landlord, reflecting all credits and debits to the balance of the current annual installments. No amounts so paid shall be deemed to be trust funds but may be commingled with general funds of Mortgagee, Impound Payments and no interest shall be payable thereon. If, pursuant to any provision of this Mortgage, the whole amount of said principal debt remaining or any installment of interest, principal or principal and interest become due and payable, Mortgagee shall apply any amounts so held in payment of the premiums or payments purpose for which the amounts were depositedeach debit to such balance was made. If the balance of the Impound Payments held by Landlord, together with the future monthly Impound Payments payable by Tenant prior to the due dates of real estate taxes, assessments, levies, charges or fees required to be paid pursuant to Section 3.2 hereof personal property taxes and insurance premiums shall exceed the estimate thereforamount required to pay said real estate taxes, Mortgagor shall without demand forthwith make good personal property taxes and insurance premiums as they fall due, at Landlord's option, such excess may either be repaid to Tenant or credited toward the deficiencynext monthly Impound Payment(s) due from Tenant. If the balance of the Impound Payments held by Landlord, together with the future monthly Impound Payments payable by Tenant prior to the due dates of real estate taxes, assessments, levies, charges, or fees personal property taxes and insurance premiums shall be less than the estimate therefor, Mortgagee shall refund the overpayment to Mortgagor. Mortgagor will furnish to Mortgagee tax bills in sufficient time after Mortgagor's receipt thereof to enable Mortgagee insufficient to pay such real estate taxes, assessmentspersonal property taxes and insurance premiums as they fall due, levies, charges and fees before interest and penalties accrue thereonTenant shall pay to Landlord any amount necessary to make up the deficiency within three (3) business days of Landlord=s request.

Impound Payments. Mortgagor willAt Landlord=s option or upon Tenant’s request, upon receipt Landlord may (but shall not be required to), at any time, establish an impound account and require that Tenant pay into such account, in advance on a monthly basis, an estimated amount sufficient in Landlord=s reasonable judgment to cover all real and personal property taxes and/or all insurance premiums for insurance to be maintained by Tenant with respect to the Premises (such monthly payments being referred to hereinafter as AImpound Payments@); provided, however, impounds for insurance premiums may be required by Landlord only after a default by Tenant or Tenant’s failure to provide evidence of written request from Mortgagee insurance. Notwithstanding the foregoing, at the commencement of the Lease, Landlord shall establish and Tenant shall make monthly payments into an impound account for real and personal property taxes. As of September 30, 2010, Landlord holds tax impounds in the amount of $52,361.72 under the Prior Lease, which shall continue to be held by Landlord pursuant to the terms of this Section 9. Subject to adjustment in Landlord’s reasonable discretion, the initial monthly real property tax impound payment to be made by Tenant hereunder shall be $11,000. All Impound Payments received by Landlord shall be held in an institution chosen by Landlord, in its sole and unreviewable discretion, pay provided that the deposits of such institution are insured by a federal or state agency. Landlord shall be permitted to Mortgagee contemporaneously commingle any such Impound Payments with each monthly its own funds or the funds of other tenants of Landlord (or Landlord=s affiliates), as Landlord shall determine in its sole discretion. Landlord shall apply the Impound Payments toward payment of interest, principal or principal and interest, a sum equal to one-twelfth (1/12th) of the hazard insurance premiums, real estate taxes, water rents personal property taxes and insurance premiums otherwise payable by Tenant hereunder; provided, however, that Landlord shall only be obligated to so apply the Impound Payments to the extent of the balance of Impound Payments actually received by Landlord from Tenant. Any Impound Payments received or chargesheld by Landlord hereunder shall not bear interest for Tenant=s benefit. Upon Landlord=s exercise of its option to collect such Impound Payments from Tenant, sewer rents, payments in lieu thereof, special assessments and any other tax, assessment, lien, claim or encumbrance which may at any time be or become a lien on the Mortgaged Property prior to, or on a parity with, the lien Tenant=s prompt payment of this Mortgage so as such Impound Payments to enable Mortgagee to pay the same at least thirty (30) days before they become due, and Mortgagee shall, upon receipt of bills for such charges, pay the same from the sums deposited hereunder. If special assessments against the Mortgaged Property may be paid in installments and Mortgagor elects to do so, the monthly payments to Mortgagee for such special assessments Landlord shall be one-twelfth (1/12th) a material covenant of Tenant and additional rent under this Lease. Landlord shall provide to Tenant an annual accounting of any Impound Payments received by Landlord, reflecting all credits and debits to the balance of the current annual installments. No amounts so paid shall be deemed to be trust funds but may be commingled with general funds of Mortgagee, Impound Payments and no interest shall be payable thereon. If, pursuant to any provision of this Mortgage, the whole amount of said principal debt remaining or any installment of interest, principal or principal and interest become due and payable, Mortgagee shall apply any amounts so held in payment of the premiums or payments purpose for which the amounts were depositedeach debit to such balance was made. If the balance of the Impound Payments held by Landlord, together with the future monthly Impound Payments payable by Tenant prior to the due dates of real estate taxes, assessments, levies, charges or fees required to be paid pursuant to Section 3.2 hereof personal property taxes and insurance premiums shall exceed the estimate thereforamount required to pay said real estate taxes, Mortgagor shall without demand forthwith make good personal property taxes and insurance premiums as they fall due, at Landlord's option, such excess may either be repaid to Tenant or credited toward the deficiencynext monthly Impound Payment(s) due from Tenant. If the balance of the Impound Payments held by Landlord, together with the future monthly Impound Payments payable by Tenant prior to the due dates of real estate taxes, assessments, levies, charges, or fees personal property taxes and insurance premiums shall be less than the estimate therefor, Mortgagee shall refund the overpayment to Mortgagor. Mortgagor will furnish to Mortgagee tax bills in sufficient time after Mortgagor's receipt thereof to enable Mortgagee insufficient to pay such real estate taxes, assessmentspersonal property taxes and insurance premiums as they fall due, levies, charges and fees before interest and penalties accrue thereonTenant shall pay to Landlord any amount necessary to make up the deficiency within three (3) business days of Landlord=s request.

Impound Payments. Mortgagor willAt Landlord's option or upon Tenant's request, upon receipt of written request from Mortgagee Landlord may, at any time, establish an impound account and require that Tenant pay into such account, in advance on a monthly basis, an estimated amount sufficient in Landlord's reasonable judgment to cover all real and personal property taxes and all insurance premiums for insurance to be maintained by Tenant with respect to the Premises (such monthly payments being referred to hereinafter as "Impound Payments"). All Impound Payments received by Landlord shall be held in an institution chosen by Landlord, in its sole and unreviewable discretion, pay provided that the deposits of such institution are insured by a federal or state agency. Landlord shall be permitted to Mortgagee contemporaneously commingle any such Impound Payments with each monthly its own funds or the funds of other tenants of Landlord (or Landlord's affiliates), as Landlord shall determine in its sole discretion. Landlord shall apply the Impound Payments toward payment of interest, principal or principal and interest, a sum equal to one-twelfth (1/12th) of the hazard insurance premiums, real estate taxes, water rents personal property taxes and insurance premiums otherwise payable by Tenant hereunder; provided, however, that Landlord shall only be obligated to so apply the Impound Payments to the extent of the balance of Impound Payments actually received by Landlord from Tenant. Any Impound Payments received or chargesheld by Landlord hereunder shall not bear interest for Tenant's benefit. Upon Landlord's exercise of its option to collect such Impound Payments from Tenant, sewer rents, payments in lieu thereof, special assessments and any other tax, assessment, lien, claim or encumbrance which may at any time be or become a lien on the Mortgaged Property prior to, or on a parity with, the lien Tenant's prompt payment of this Mortgage so as such Impound Payments to enable Mortgagee to pay the same at least thirty (30) days before they become due, and Mortgagee shall, upon receipt of bills for such charges, pay the same from the sums deposited hereunder. If special assessments against the Mortgaged Property may be paid in installments and Mortgagor elects to do so, the monthly payments to Mortgagee for such special assessments Landlord shall be one-twelfth (1/12th) a material covenant of Tenant and additional rent under this Lease. Landlord shall provide to Tenant an annual accounting of any Impound Payments received by Landlord, reflecting all credits and debits to the balance of the current annual installments. No amounts so paid shall be deemed to be trust funds but may be commingled with general funds of Mortgagee, Impound Payments and no interest shall be payable thereon. If, pursuant to any provision of this Mortgage, the whole amount of said principal debt remaining or any installment of interest, principal or principal and interest become due and payable, Mortgagee shall apply any amounts so held in payment of the premiums or payments purpose for which the amounts were depositedeach debit to such balance was made. If the balance of the Impound Payments held by Landlord, together with the future monthly Impound Payments payable by Tenant prior to the due dates of real estate taxes, assessments, levies, charges or fees required to be paid pursuant to Section 3.2 hereof personal property taxes and insurance premiums shall exceed the estimate thereforamount required to pay said real estate taxes, Mortgagor shall without demand forthwith make good personal property taxes and insurance premiums as they fall due, at Landlord's option, such excess may either be repaid to Tenant or credited toward the deficiencynext monthly Impound Payment(s) due from Tenant. If the balance of the Impound Payments held by Landlord, together with the future monthly Impound Payments payable by Tenant prior to the due dates of real estate taxes, assessments, levies, charges, or fees personal property taxes and insurance premiums shall be less than the estimate therefor, Mortgagee shall refund the overpayment to Mortgagor. Mortgagor will furnish to Mortgagee tax bills in sufficient time after Mortgagor's receipt thereof to enable Mortgagee insufficient to pay such real estate taxes, assessmentspersonal property taxes and insurance premiums as they fall due, levies, charges and fees before interest and penalties accrue thereonTenant shall pay to Landlord any amount necessary to make up the deficiency within three (3) business days of Landlord's request.