Common use of Insurance and Water/Sewer Waived; Other Imposition Deposits Required Clause in Contracts

Insurance and Water/Sewer Waived; Other Imposition Deposits Required. Each Collateral Pool Borrower shall establish funds for taxes, insurance premiums and certain other charges for each Mortgaged Property in such Collateral Pool in accordance with Section 7(a) of the Security Instrument for each such Mortgaged Property. Notwithstanding the foregoing and the provisions of Subsection 7(a) of the Security Instrument for each such Mortgaged Property, and subject to the conditions of this Article 11, provided that no Event of Default has occurred and is continuing and Collateral Pool Borrower has timely delivered to Fannie Mae any insurance bills, premium notices and other invoices, bills and notices with respect to Impositions pursuant to the requirements of this Section 11.01, Fannie Mae shall not require Collateral Pool Borrower to deposit with Fannie Mae any sums for Imposition Deposits ONLY to the extent they relate to any water and sewer charges (collectively, “Water Charges”), the premiums for fire and other hazard insurance, rent loss insurance and such other insurance as Fannie Mae may require under Section 19 of the Security Instrument (collectively, “Insurance Premiums”), and Taxes. Such Collateral Pool Borrower must (i) pursuant to the terms of Section 19 of the Security Instrument, provide Fannie Mae with proof of payment (e.g., paid receipts or cancelled checks) of all Water Charges, Insurance Premiums, Taxes and other Impositions, (ii) with respect to Impositions for insurance, pursuant to the terms of Section 19 of the Security Instrument, deliver to Fannie Mae the original (or a duplicate original) of a renewal policy in form satisfactory to Fannie Mae, and (iii) to the extent not covered in (i) or (ii) above, pay Impositions for which Fannie Mae is not collecting Imposition Deposits no later than the date sixty (60) days after the date such Impositions are due and, in any event, before the addition of any interest, fine, penalty or cost for nonpayment, and deliver to Fannie Mae evidence of such timely payment. In the event that (A) an Event of Default has occurred and is continuing or (B) such Collateral Pool Borrower does not timely pay any of the Impositions as described in Section 7(a) of the Security Instrument and this Section 11.01, or fails to provide Fannie Mae with proof of such payment as set forth in Section 7(a) of the Security Instrument and this Section 11.01, Fannie Mae may immediately thereafter require such Collateral Pool Borrower to deposit with Fannie Mae all of the Imposition Deposits as provided in this Article 11 and in Section 7(a) of the Security Instrument without regard to the second sentence of this Section 11.01, which shall be applicable only so long as the current Borrower remains as the record title owner of the Mortgaged Property, and shall immediately terminate and have no further force or effect upon a sale or exchange of the Mortgaged Property by the applicable Borrower to a third-party purchaser in which the Indebtedness secured by the Security Instrument is assumed by such third-party purchaser.

Insurance and Water/Sewer Waived; Other Imposition Deposits Required. Each Collateral Pool Borrower or IDOT Guarantor shall establish funds for taxes, insurance premiums and certain other charges for each Mortgaged Property in such Collateral Pool in accordance with Section 7(a) of the Security Instrument for each such Mortgaged Property. Notwithstanding the foregoing and the provisions of Subsection 7(a) of the Security Instrument for each such Mortgaged Property, and subject to the conditions of this Article 11, provided that no Event of Default has occurred and is continuing and Collateral Pool Borrower or IDOT Guarantor has timely delivered to Fannie Mae Lender any insurance bills, bills or premium notices and other invoices, bills and notices with respect to Impositions that it has received pursuant to the requirements of this Section 11.01Section, Fannie Mae Lender shall not require Collateral Pool Borrower or IDOT Guarantor to deposit with Fannie Mae Lender any sums for Imposition Deposits ONLY to the extent they relate to (x) any water and sewer charges charges, and (collectively, “Water Charges”), y) the premiums for fire and other hazard insurance, rent loss insurance and such other insurance as Fannie Mae Lender may require under Section 19 of the Security Instrument (collectively, “Insurance Premiums”), and TaxesInstrument. Such Collateral Pool Borrower or IDOT Guarantor must (i1) pursuant to the terms of Section 19 of the Security Instrument, provide Fannie Mae Lender with proof of payment (e.g., paid receipts or cancelled checks) of all Water Charges, Insurance Premiums, Taxes such premiums for fire and other Impositionshazard insurance, rent loss insurance and such other insurance required under Section 19 of the Security Instrument, (ii2) with respect to Impositions for insurance, pursuant to the terms of Section 19 of the Security Instrument, deliver to Fannie Mae Lender the original (or a duplicate original) of a renewal policy in form satisfactory to Fannie MaeLender, and (iii3) to the extent not covered in (i1) or (ii2) above, pay Impositions for which Fannie Mae Lender is not collecting Imposition Deposits no later than the date sixty (60) days after the date such Impositions are due and, in any event, and before the addition of any interest, fine, penalty or cost for nonpayment, and deliver to Fannie Mae evidence of such timely payment. In the event that (Ai) an Event of Default has occurred and is continuing or (Bii) such Such Collateral Pool Borrower or IDOT Guarantor does not timely pay any of the Impositions as described in Section 7(a) of the Security Instrument and this Section 11.01, or fails to provide Fannie Mae Lender with proof of such payment as set forth in Section 7(a) of the Security Instrument and this Section 11.01, Fannie Mae or (iii) a Line of Credit Triggering Event has occurred, Lender may immediately thereafter require such Collateral Pool Borrower or IDOT Guarantor to deposit with Fannie Mae Lender all of the Imposition Deposits as provided in this Article 11 and in Section 7(a) of the Security Instrument without regard to the second sentence Instrument. The terms and provisions of this Section 11.01, which Article 11 shall be applicable only so long as the current Borrower or IDOT Guarantor remains as the record title owner of the Mortgaged Property, and shall immediately terminate and have no further force or effect upon a sale or exchange of the Mortgaged Property by the applicable Borrower to a third-party purchaser in which the Indebtedness secured by the Security Instrument is assumed by such third-party purchaser. Nothing in this Article 11 or Section 7(a) of the Security Instrument shall be deemed to waive Imposition Deposits with respect to Taxes, which deposits shall be required pursuant to the terms of Section 7(a) of the Security Instrument and this Article 11.

Insurance and Water/Sewer Waived; Other Imposition Deposits Required. Each Collateral Pool Borrower shall establish funds for taxes, insurance premiums and certain other charges for each Mortgaged Property in such Collateral Pool in accordance with Section 7(a) of the Security Instrument for each such Mortgaged Property. Notwithstanding the foregoing and the provisions of Subsection 7(a) of the Security Instrument for each such Mortgaged Property, and subject to the conditions of this Article 11, provided that no Event of Default has occurred and is continuing and Collateral Pool Borrower has timely delivered to Fannie Mae any insurance bills, premium notices and other invoices, bills and notices with respect to Impositions pursuant to the requirements of this Section 11.01, Fannie Mae shall not require Collateral Pool Borrower to deposit with Fannie Mae any sums for Imposition Deposits ONLY to the extent they relate to any water and sewer charges (collectively, “Water Charges”), the premiums for fire and other hazard insurance, rent loss insurance and such other insurance as Fannie Mae may require under Section 19 of the Security Instrument (collectively, “Insurance Premiums”), and Taxes. Such Collateral Pool Borrower must (i) pursuant to the terms of Section 19 of the Security Instrument, provide Fannie Mae with proof of payment (e.g., paid receipts or cancelled checks) of all Water Charges, Insurance Premiums, Taxes and all other Impositions, (ii) with respect to Impositions for insurance, pursuant to the terms of Section 19 of the Security Instrument, deliver to Fannie Mae the original (or a duplicate original) of a renewal policy in form satisfactory to Fannie Mae, and (iii) to the extent not covered in (i) or (ii) above, pay Impositions for which Fannie Mae is not collecting Imposition Deposits no later than the date sixty (60) days after the date such Impositions are due and, in any event, before the addition of any interest, fine, penalty or cost for nonpayment, and deliver to Fannie Mae evidence of such timely payment. In the event that (A) an Event of Default has occurred and is continuing or (B) such Collateral Pool Borrower does not timely pay any of the Impositions as described in Section 7(a) of the Security Instrument and this Section 11.01, or fails to provide Fannie Mae with proof of such payment as set forth in Section 7(a) of the Security Instrument and this Section 11.01, Fannie Mae may immediately thereafter require such Collateral Pool Borrower to deposit with Fannie Mae all of the Imposition Deposits as provided in this Article 11 and in Section 7(a) of the Security Instrument Instrument, without regard to the second sentence of this Section 11.01, which shall be applicable only so long as the current Borrower remains as the record title owner of the Mortgaged Property, and shall immediately terminate and have no further force or effect upon a sale or exchange of the Mortgaged Property by the applicable Borrower to a third-party purchaser in which the Indebtedness secured by the Security Instrument is assumed by such third-party purchaser.

Insurance and Water/Sewer Waived; Other Imposition Deposits Required. Each Collateral Pool Borrower or IDOT Guarantor shall establish funds for taxes, insurance premiums and certain other charges for each Mortgaged Property in such Collateral Pool in accordance with Section 7(a) of the Security Instrument for each such Mortgaged Property. Notwithstanding the foregoing and the provisions of Subsection 7(a) of the Security Instrument for each such Mortgaged Property, and subject to the conditions of this Article 11, provided that no Event of Default has occurred and is continuing and Collateral Pool Borrower or IDOT Guarantor has timely delivered to Fannie Mae Lender any insurance bills, bills or premium notices and other invoices, bills and notices with respect to Impositions that it has received pursuant to the requirements of this Section 11.01, Fannie Mae Lender shall not require Collateral Pool Borrower or IDOT Guarantor to deposit with Fannie Mae Lender any sums for Imposition Deposits ONLY to the extent they relate to (c) any water and sewer charges charges, and (collectively, “Water Charges”), d) the premiums for fire and other hazard insurance, rent loss insurance and such other insurance as Fannie Mae Lender may require under Section 19 of the Security Instrument (collectively, “Insurance Premiums”), and TaxesInstrument. Such Collateral Pool Borrower or IDOT Guarantor must (i) pursuant to the terms of Section 19 of the Security Instrument, provide Fannie Mae Lender with proof of payment (e.g., paid receipts or cancelled checks) of all Water Charges, Insurance Premiums, Taxes such premiums for fire and other Impositionshazard insurance, rent loss insurance and such other insurance required under Section 19 of the Security Instrument, (ii) with respect to Impositions for insurance, pursuant to the terms of Section 19 of the Security Instrument, deliver to Fannie Mae Lender the original (or a duplicate original) of a renewal policy in form satisfactory to Fannie MaeLender, and (iii) to the extent not covered in (i) or (ii) above, pay Impositions for which Fannie Mae Lender is not collecting Imposition Deposits no later than the date sixty (60) days after the date such Impositions are due and, in any event, and before the addition of any interest, fine, penalty or cost for nonpayment, and deliver to Fannie Mae evidence of such timely payment. In the event that (A) an Event of Default has occurred and is continuing or (B) such Collateral Pool Borrower or IDOT Guarantor does not timely pay any of the Impositions as described in Section 7(a) of the Security Instrument and this Section 11.01, or fails to provide Fannie Mae Lender with proof of such payment as set forth in Section 7(a) of the Security Instrument and this Section 11.01, Fannie Mae or (C) a Line of Credit Triggering Event has occurred, Lender may immediately thereafter require such Collateral Pool Borrower or IDOT Guarantor to deposit with Fannie Mae Lender all of the Imposition Deposits as provided in this Article 11 and in Section 7(a) of the Security Instrument without regard to the second sentence Instrument. The terms and provisions of this Section 11.01, which Article 11 shall be applicable only so long as the current Borrower or IDOT Guarantor remains as the record title owner of the Mortgaged Property, and shall immediately terminate and have no further force or effect upon a sale or exchange of the Mortgaged Property by the applicable Borrower to a third-party purchaser in which the Indebtedness secured by the Security Instrument is assumed by such third-party purchaser. Nothing in this Article 11 or Section 7(a) of the Security Instrument shall be deemed to waive Imposition Deposits with respect to Taxes, which deposits shall be required pursuant to the terms of Section 7(a) of the Security Instrument and this Article 11.