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 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 Lender any insurance bills or premium notices that it has received pursuant to the requirements of this Section 11.01, Lender shall not require Collateral Pool Borrower or IDOT Guarantor to deposit with Lender any sums for Imposition Deposits ONLY to the extent they relate to (c) any water and sewer charges, and (d) the premiums for fire and other hazard insurance, rent loss insurance and such other insurance as Lender may require under Section 19 of the Security Instrument. Such Collateral Pool Borrower or IDOT Guarantor must (i) pursuant to the terms of Section 19 of the Security Instrument, provide Lender with proof of payment (e.g., paid receipts or cancelled checks) of all such premiums for fire and other hazard insurance, rent loss insurance and such other insurance required under Section 19 of the Security Instrument, (ii) pursuant to the terms of Section 19 of the Security Instrument, deliver to Lender the original (or a duplicate original) of a renewal policy in form satisfactory to Lender, and (iii) to the extent not covered in (i) or (ii) above, pay Impositions for which Lender is not collecting Imposition Deposits no later than the date sixty (60) days after the date such Impositions are due and before the addition of any interest, fine, penalty or cost for nonpayment. 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 Lender with proof of such payment as set forth in Section 7(a) of the Security Instrument and this Section 11.01, 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 Lender all of the Imposition Deposits as provided in this Article 11 and in Section 7(a) of the Security Instrument. The terms and provisions of this 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 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 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 Lender any insurance bills or premium notices that it has received pursuant to the requirements of this Section 11.01Section, Lender shall not require Collateral Pool Borrower or IDOT Guarantor to deposit with Lender any sums for Imposition Deposits ONLY to the extent they relate to (cx) any water and sewer charges, and (dy) the premiums for fire and other hazard insurance, rent loss insurance and such other insurance as Lender may require under Section 19 of the Security Instrument. Such Collateral Pool Borrower or IDOT Guarantor must (i1) pursuant to the terms of Section 19 of the Security Instrument, provide Lender with proof of payment (e.g., paid receipts or cancelled checks) of all such premiums for fire and other hazard insurance, rent loss insurance and such other insurance required under Section 19 of the Security Instrument, (ii2) pursuant to the terms of Section 19 of the Security Instrument, deliver to Lender the original (or a duplicate original) of a renewal policy in form satisfactory to Lender, and (iii3) to the extent not covered in (i1) or (ii2) above, pay Impositions for which Lender is not collecting Imposition Deposits no later than the date sixty (60) days after the date such Impositions are due and before the addition of any interest, fine, penalty or cost for nonpayment. 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 Lender with proof of such payment as set forth in Section 7(a) of the Security Instrument and this Section 11.01, or (Ciii) a Line of Credit Triggering Event has occurred, Lender may immediately thereafter require such Collateral Pool Borrower or IDOT Guarantor to deposit with Lender all of the Imposition Deposits as provided in this Article 11 and in Section 7(a) of the Security Instrument. The terms and provisions of this 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 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 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 Lender Fannie Mae any insurance bills or bills, premium notices that it has received and other invoices, bills and notices with respect to Impositions pursuant to the requirements of this Section 11.01, Lender Fannie Mae shall not require Collateral Pool Borrower or IDOT Guarantor to deposit with Lender Fannie Mae any sums for Imposition Deposits ONLY to the extent they relate to (c) any water and sewer chargescharges (collectively, and (d) “Water Charges”), the premiums for fire and other hazard insurance, rent loss insurance and such other insurance as Lender Fannie Mae may require under Section 19 of the Security InstrumentInstrument (collectively, “Insurance Premiums”), and Taxes. Such Collateral Pool Borrower or IDOT Guarantor must (i) pursuant to the terms of Section 19 of the Security Instrument, provide Lender Fannie Mae with proof of payment (e.g., paid receipts or cancelled checks) of all such premiums for fire Water Charges, Insurance Premiums, Taxes and all other hazard insurance, rent loss insurance and such other insurance required under Section 19 of the Security InstrumentImpositions, (ii) with respect to Impositions for insurance, pursuant to the terms of Section 19 of the Security Instrument, deliver to Lender Fannie Mae the original (or a duplicate original) of a renewal policy in form satisfactory to LenderFannie Mae, and (iii) to the extent not covered in (i) or (ii) above, pay Impositions for which Lender Fannie Mae is not collecting Imposition Deposits no later than the date sixty (60) days after the date such Impositions are due and 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 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 Lender Fannie Mae with proof of such payment as set forth in Section 7(a) of the Security Instrument and this Section 11.01, or (C) a Line of Credit Triggering Event has occurred, Lender Fannie Mae may immediately thereafter require such Collateral Pool Borrower or IDOT Guarantor to deposit with Lender Fannie Mae all of the Imposition Deposits as provided in this Article 11 and in Section 7(a) of the Security Instrument. The terms and provisions , without regard to the second sentence of this Article 11 Section 11.01, which 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 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 Master Credit Facility Agreement Jupiter EQR Credit Facility 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 Lender Fannie Mae any insurance bills or bills, premium notices that it has received and other invoices, bills and notices with respect to Impositions pursuant to the requirements of this Section 11.01, Lender Fannie Mae shall not require Collateral Pool Borrower or IDOT Guarantor to deposit with Lender Fannie Mae any sums for Imposition Deposits ONLY to the extent they relate to (c) any water and sewer chargescharges (collectively, and (d) “Water Charges”), the premiums for fire and other hazard insurance, rent loss insurance and such other insurance as Lender Fannie Mae may require under Section 19 of the Security InstrumentInstrument (collectively, “Insurance Premiums”), and Taxes. Such Collateral Pool Borrower or IDOT Guarantor must (i) pursuant to the terms of Section 19 of the Security Instrument, provide Lender Fannie Mae with proof of payment (e.g., paid receipts or cancelled checks) of all such premiums for fire Water Charges, Insurance Premiums, Taxes and other hazard insurance, rent loss insurance and such other insurance required under Section 19 of the Security InstrumentImpositions, (ii) with respect to Impositions for insurance, pursuant to the terms of Section 19 of the Security Instrument, deliver to Lender Fannie Mae the original (or a duplicate original) of a renewal policy in form satisfactory to LenderFannie Mae, and (iii) to the extent not covered in (i) or (ii) above, pay Impositions for which Lender Fannie Mae is not collecting Imposition Deposits no later than the date sixty (60) days after the date such Impositions are due and 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 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 Lender Fannie Mae with proof of such payment as set forth in Section 7(a) of the Security Instrument and this Section 11.01, or (C) a Line of Credit Triggering Event has occurred, Lender Fannie Mae may immediately thereafter require such Collateral Pool Borrower or IDOT Guarantor to deposit with Lender Fannie Mae all of the Imposition Deposits as provided in this Article 11 and in Section 7(a) of the Security Instrument. The terms and provisions Instrument without regard to the second sentence of this Article 11 Section 11.01, which 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.