Common use of Impounds Clause in Contracts

Impounds. Any impounds payable by Grantor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Grantee or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Grantee shall not be a trustee, special depository or other fiduciary for Grantor with respect to such account. If no Default exists, Grantee shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Grantee may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Grantor shall promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Grantor hereunder shall not be diminished by Grantor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by Xxxxxxx’s application of such Impounds. Upon any assignment of this Security Deed, Grantee may assign all Impounds in its possession to Xxxxxxx’s assignee, whereupon Grantee shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Grantee may elect, Grantee shall pay to Grantor all Impounds in its possession, and no other party shall have any right or claim thereto. Grantor shall deliver to Grantee, promptly upon receipt, all bills for taxes and insurance for which Grantee has required Impounds.

Impounds. Any impounds payable by Grantor Trustor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Grantee Beneficiary or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Grantee Beneficiary shall not be a trustee, special depository or other fiduciary for Grantor Trustor with respect to such account. If no Default exists, Grantee Beneficiary shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Grantee Beneficiary may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Grantor Trustor shall promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Grantor Trustor hereunder shall not be diminished by GrantorTrustor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by XxxxxxxBeneficiary’s application of such Impounds. Upon any assignment of this Security DeedDeed of Trust, Grantee Beneficiary may assign all Impounds in its possession to XxxxxxxBeneficiary’s assignee, whereupon Grantee Beneficiary shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Grantee Beneficiary may elect, Grantee Beneficiary shall pay to Grantor Trustor all Impounds in its possession, and no other party shall have any right or claim thereto. Grantor Trustor shall deliver to GranteeBeneficiary, promptly upon receipt, all bills for taxes and insurance for which Grantee Beneficiary has required Impounds.

Impounds. Any impounds payable by Grantor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Grantee Lender or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Grantee Lender shall not be a trustee, special depository or other fiduciary for Grantor with respect to such account. If no Default exists, Grantee Lender shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Grantee Lender may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Grantor shall promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Grantor hereunder shall not be diminished by Grantor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by XxxxxxxLender’s application of such Impounds. Upon any assignment of this Security DeedDeed of Trust, Grantee Lender may assign all Impounds in its possession to XxxxxxxDEED OF TRUST (VIRGINIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan Xx. 00-00000000/Xxxxx Xx. 000 Lender’s assignee, whereupon Grantee Lender shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Grantee Lender may elect, Grantee Lender shall pay to Grantor all Impounds in its possession, and no other party shall have any right or claim thereto. Grantor shall deliver to GranteeLender, promptly upon receipt, all bills for taxes and insurance for which Grantee Lender has required Impounds.

Impounds. Any impounds payable by Grantor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Grantee Lender or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Grantee Lender shall not be a trustee, special depository or other fiduciary for Grantor with respect to such account. If no Default exists, Grantee Lender shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Grantee Lender may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Grantor shall promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Grantor hereunder shall not be diminished by Grantor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by XxxxxxxXxxxxx’s application of such Impounds. Upon any assignment of this Security DeedDeed of Trust, Grantee Xxxxxx may assign all Impounds in its possession to XxxxxxxDEED OF TRUST (VIRGINIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan No. 02-62113730/Store No. 560 Xxxxxx’s assignee, whereupon Grantee Lender shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Grantee Lender may elect, Grantee Lender shall pay to Grantor all Impounds in its possession, and no other party shall have any right or claim thereto. Grantor shall deliver to GranteeLender, promptly upon receipt, all bills for taxes and insurance for which Grantee Xxxxxx has required Impounds.

Impounds. Any impounds payable by Grantor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Grantee Lender or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Grantee Lender shall not be a trustee, special depository or other fiduciary for Grantor with respect to such account. If no Default exists, Grantee Lender shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Grantee Lender may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Grantor shall promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Grantor hereunder shall not be diminished by Grantor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by XxxxxxxXxxxxx’s application of such Impounds. Upon any assignment of this Security DeedDeed of Trust, Grantee Xxxxxx may assign all Impounds in its possession to XxxxxxxDEED OF TRUST (VIRGINIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan No. 02-62113748/Store No. 568 Xxxxxx’s assignee, whereupon Grantee Lender shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Grantee Lender may elect, Grantee Lender shall pay to Grantor all Impounds in its possession, and no other party shall have any right or claim thereto. Grantor shall deliver to GranteeLender, promptly upon receipt, all bills for taxes and insurance for which Grantee Xxxxxx has required Impounds.

Impounds. Any impounds payable by Grantor under the Loan Documents (“Impounds”) shall be deposited into one or more segregated or commingled accounts maintained by Grantee Lender or its servicing agent. Except as otherwise provided in the Loan Documents, such account(s) shall not bear interest. Grantee Lender shall not be a trustee, special depository or other fiduciary for Grantor with respect to such account. If no Default exists, Grantee Lender shall apply all Impounds in accordance with the Loan Documents. If a Default exists, Grantee Lender may apply any or all Impounds to any Secured Obligation or to cure such Default, whereupon Grantor shall promptly restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Grantor hereunder shall not be diminished by Grantor’s deposits of Impounds, except to the extent that such obligations are actually satisfied by XxxxxxxLender’s application of such Impounds. Upon any assignment of this Security DeedDeed of Trust, Grantee Lender may assign all Impounds in its possession to XxxxxxxDEED OF TRUST (VIRGINIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan No. 00-00000000/Xxxxx Xx. 000 Lender’s assignee, whereupon Grantee Lender shall be released from all liability with respect to such Impounds. Within sixty (60) days following full repayment of the Secured Obligations (other than as a consequence of foreclosure or conveyance in lieu of foreclosure) or at such earlier time as Grantee Lender may elect, Grantee Lender shall pay to Grantor all Impounds in its possession, and no other party shall have any right or claim thereto. Grantor shall deliver to GranteeLender, promptly upon receipt, all bills for taxes and insurance for which Grantee Lender has required Impounds.