Insurance Escrow. (a) So long as no Event of Default has occurred and is continuing, Lender hereby waives the obligations of Borrower under Section 7 of each Security Instrument with respect to the escrow of premiums for insurance (the "Required Escrow Payments"). During any period in which the obligation to pay the Required Escrow Payments has been waived pursuant to this Section 7.14, each Borrower shall do one of the following:
(1) Each Borrower shall pay such insurance premiums directly to the payee thereof and send to the Lender invoices and paid receipts, or other documentation satisfactory to Lender, evidencing payment of insurance premiums on the earlier of the date that such insurance is due and payable or thirty (30) days prior to the expiration date of the insurance policy, and shall include all such payments in its monthly and annual property income and expense data; or
(2) at least 15 days prior to the expiration date of the insurance policy (the "Expiring Policy") each Borrower shall provide to Lender written proof that the expiration date of the Expiring Policy has been extended by at least 30 days certified by the issuer of the insurance policy. Then, at least 10 days before the original expiration date (not the extended expiration date) of the Expiring Policy, each Borrower shall either (i) deliver to Lender written proof certified by the issuer of the insurance policy that an insurance policy replacing the Expiring Policy, or an extension of the Expiring Policy, has been obtained, for a period of at least one year after the original expiration date of the Expiring Policy (as applicable, the "Renewal Policy"), and paid receipts or other documentation establishing that it has paid its portion of the insurance premium for the Renewal Policy or (ii) deliver an amount equal to its portion of such insurance premium as reasonably determined by the Lender (the "Deposit"). If any Borrower delivers the Deposit to Lender, Lender shall hold the Deposit in a custodial account meeting the requirements of the DUS Guide, and shall only disburse the Deposit (plus interest) as follows:
(A) Whenever any Borrower delivers to Lender written proof certified by the issuer of the insurance policy that the Renewal Policy has been obtained and paid receipts or documentation establishing that it has paid its portion of the insurance premium, Lender shall disburse the Deposit (plus interest) to the Borrowing Agent (unless Lender has already disbursed it pursuant to paragraph (B) belo...
Insurance Escrow. 55 7.15 ERISA........................................................................................56 7.16 Loan Document Taxes..........................................................................56 7.17
Insurance Escrow. Lender shall require Borrower to deposit monthly in escrow, without interest, 1/12th of the annual fire and other hazard insurance premiums, as estimated by Lender. An initial escrow deposit for the foregoing insurance premiums will be collected from Borrower at closing to establish an escrow to enable Lender to make such payments of premiums to the appropriate insurance company when due
Insurance Escrow. Upon the Occurrence of any default by Tenant hereunder, or if Landlord is required under any mortgage covering part or all of the Development to escrow for insurance, Landlord may require Tenant to deposit into said escrow, on such periodic oasis as may be required by Landlord or its Mortgagee or lender, the amount required by Landlord or said Mortgagee or lender to be deposited with respect to insurance, which is paid for by Tenant hereunder, provided that Tenant shall not escrow greater than fourteen (14) months of insurance escrow payments at anyone time.
Insurance Escrow. If directed by Bank in writing, Mortgagor shall, in order to secure the performance and discharge of Mortgagor’s obligations under this Section 1.6, but not in lieu of such obligations, deposit with Bank on the first day of each calendar month throughout the term of the Loan, a sum in an amount determined by Bank from time to time by written notice to Mortgagor, in order to accumulate funds sufficient to permit Bank to pay all premiums payable in connection with the insurance required hereunder at least thirty (30) days prior to the date or dates on which they shall become due. Upon demand by Bank, Mortgagor shall deliver to Bank such additional monies as are required to satisfy any deficiencies in the amounts necessary to enable Bank to pay such premiums thirty (30) days prior to the date they shall become due.
Insurance Escrow. In order to secure the performance and discharge of the Trustor's obligations under this Section 1.5, but not in lieu of such obligations, Trustor shall, upon a failure to pay or provide such insurance, at the times and in the manner required herein, pay over to Beneficiary an amount equal to one-twelfth (1/12th) of the next maturing annual insurance premiums for each month that has elapsed since the last date to which such premiums were paid; and Trustor shall, in addition, pay over to Beneficiary, on the first day of each month, sufficient funds (as estimated from time to time) to permit Beneficiary to pay said premiums when due. Such deposits shall not be, nor be deemed to be, trust funds but may be commingled with the general funds of Beneficiary, and no interest shall be payable in respect thereof except as required by law. Upon demand by Beneficiary, Trustor shall deliver to Beneficiary such additional monies as are necessary to make up any deficiencies in the amounts necessary to enable Beneficiary to pay such premiums when due.
Insurance Escrow. To the extent non-captive insurance is utilized and a third party collects a premium for such insurance coverage, the Borrowers shall deposit monthly with the Administrative Agent or Administrative Agent’s designee, a sum of money equal to equal to one-twelfth (1/12th) of the annual charges for insurance premiums relating to the insurance coverages required by this Agreement as reasonably estimated by Administrative Agent. On the Closing Date, the Borrowers shall deposit with the Administrative Agent a sum of money which together with such monthly installments will be sufficient to make such insurance payments thirty (30) days prior to the date any delinquency or penalty becomes due. Provided sufficient funds are available in the foregoing insurance reserve, Administrative Agent shall use such funds to pay insurance premiums relating to the Facilities prior to the date same are due, and any obligations of the Borrowers hereunder to pay same shall be deemed satisfied if sufficient funds to pay same are in such reserve. Notwithstanding the foregoing, provided that Borrowers have (i) provided evidence of payment of the insurance premiums for twelve (12) months in advance, (ii) no Default or Event of Default exists and is continuing and (iii) Borrowers are otherwise in compliance with Section 7.5, the Administrative Agent will waive the requirement for the insurance escrow set forth in this Section 2.1(b)(iv).
Insurance Escrow. If directed by Lender in writing, Mortgagor shall, in order to secure the performance and discharge of Mortgagor’s obligations under this Section 1.6, but not in lieu of such obligations, deposit with Lender on the first day of each calendar month throughout the term of the Loan, a sum in an amount determined by Lender from time to time by written notice to Mortgagor, in order to accumulate funds sufficient to permit Lender to pay all premiums payable in connection with the insurance required hereunder at least thirty (30) days prior to the date or dates on which they shall become due. Mortgagor hereby pledges to Lender, and grants to Lender a security interest in, any and all such deposits as security for the Loan. Upon demand by Lender, Mortgagor shall deliver to Lender such additional monies as are required to satisfy any deficiencies in the amounts necessary to enable Lender to pay such premiums thirty (30) days prior to the date they shall become due. Any deposits received pursuant to this Section 1.6.8 shall not be, nor be deemed to be, trust funds, but may be commingled with the general funds of Lender and Lender shall have no obligation to pay interest on amounts deposited with Lender pursuant to this Section 1.6.8. If any Event of Default occurs, any part or all of the amounts then on deposit or thereafter deposited with Lender under this Section 1.6.8 may at Lender’s option be applied to payment of Mortgagor’s Liabilities in such order as Lender may determine.
Insurance Escrow. In the event Xxxxxxxxx fails to comply with the terms of Section 2.01 or an “Event of Default” under the NOAH Loan Agreement has occurred, then at the written direction of the Mortgagee, the Mortgagor shall, on or before the first day of each month, remit to the Mortgagee an amount of money equal to one-twelfth of the insurance premiums next due for all insurance premiums with respect to insurance required to be maintained by the terms of this Mortgage, plus, with and in addition to the first such monthly payment, an additional amount which, together with monthly payments thereafter to be paid, will be sufficient to pay such insurance premiums in full as they become due. Such amounts shall be deposited in an interest-bearing account and all interest shall be applied to satisfy the amounts required to be so deposited.
Insurance Escrow. Notwithstanding anything contained herein to the contrary, upon the occurrence of an Event of Default, Lender, in its sole discretion, shall be entitled to require Borrowers to pay monthly in advance to Lender the equivalent of one-twelfth (1/12th) of the estimated annual premiums due on the insurance required under this Section 6.22.
