Insurance Premium Deposits. It is further covenanted and agreed that for the purpose of providing funds with which to pay the premiums as the same become due on the policies of insurance as herein covenanted to be furnished by the Mortgagor unless otherwise waived in writing by Mortgagee, Mortgagor shall deposit with Mortgagee or the depositary referred to in Paragraph 4 hereof on the date of disbursement of the proceeds of the Loan and on the first day of each month following the month in which said disbursement occurred, an amount equal to the annual premiums that will next become due and payable on such policies less any amount then on deposit with the Mortgagee or such depositary, divided by the number of months to elapse thirty (30) days prior to the date when such premiums become delinquent. No interest shall be allowed to Mortgagor on account of any deposit or deposits made hereunder and said deposits need not be kept separate and apart from any other funds of Mortgagee or such depositary.
Insurance Premium Deposits. It is further covenanted and agreed that for the purpose of providing funds with which to pay the premiums as the same become due on the policies of insurance as herein covenanted to be furnished by the Grantor, unless otherwise waived in writing by Grantee, Grantor shall deposit with Grantee or the depositary referred to in Paragraph 4 hereof on the date of disbursement of the proceeds of the Loan and on the first day of each month following the month in which said disbursement occurred, an amount equal to the annual premiums that will next become due and payable on such policies less any amount then on deposit with the Grantee or such depositary, divided by the number of months to elapse thirty (30) days prior to the date when such premiums become delinquent. No interest shall be allowed to Grantor on account of any deposit or deposits made hereunder and said deposits need not be kept separate and apart from any other funds of Grantee or such depositary.
Insurance Premium Deposits. It is further covenanted and agreed that for the purpose of providing funds with which to pay the premiums as the same become due on the policies of insurance as herein covenanted to be furnished by Mortgagor, Mortgagor shall deposit into a reserve account maintained by Mortgagee on the date of disbursement of the proceeds of the Loans and on the first day of each month following the month in which said disbursement occurred, an amount equal to one-twelfth (1/12th) of the annual insurance premiums to be carried on the Leasehold Premises so that Mortgagee will have sufficient funds on hand to pay all such insurance premiums thirty (30) days prior to the due date thereof. No interest shall be allowed to Mortgagor on account of any deposit or deposits made hereunder and said deposits need not be kept separate and apart from any other funds of Mortgagee.
Insurance Premium Deposits. It is further covenanted and agreed that for the purpose of providing funds with which to pay the premiums as the same become due on the policies of insurance as herein covenanted to be furnished by the Mortgagor, Mortgagor shall deposit with Mortgagee or the depositary referred to in Paragraph 4 hereof on the date of disbursement of the proceeds of the Loan and on the first day of each month following the month in which said disbursement occurred, an amount equal to the annual premiums that will next become due and payable on such policies less any amount then on deposit with the Mortgagee or such depositary, divided by the number of months to elapse thirty (30) days prior to the date when such premiums become delinquent. No interest shall be allowed to Mortgagor on account of any deposit or deposits made hereunder and said deposits need not be kept separate and apart from any other funds of Mortgagee or such depositary.
Insurance Premium Deposits. In order to assure the payment of the Insurance Premiums as and when the same shall become due and payable, Grantor shall deposit with Beneficiary on the first day of each calendar month during the term of this Deed of Trust, an amount equal to one-twelfth (1/12) of the Insurance Premiums to become due with respect to the required Insurance Policies between one and thirteen months after the date of each such deposit, it being the intention that at all times during the term of this Deed of Trust there shall remain on deposit with Beneficiary an amount at least equal to one-twelfth (1/12) of the Insurance Premiums to become due with respect to the required Insurance Policies within the ensuing twelve (12) month period. The amounts of such deposits (hereinafter referred to as the "Insurance Premium Deposits") shall be based upon Beneficiary's estimate as to the amount of the Insurance Premiums. Grantor shall, upon demand of Beneficiary, make additional Insurance Premium Deposits as Beneficiary may from time to time require due to (i) the failure of Beneficiary to require, or failure of Grantor to make, Insurance Premium Deposits in previous months, (ii) under estimation of the amount of the Insurance Premiums, (iii) the particular due dates and amount of the Insurance Premiums, or (iv) application of the Insurance Premium Deposits pursuant to the provision of this paragraph hereinafter set forth to the payment of the Insurance Premiums. Beneficiary will, out of the Insurance Premium Deposits, upon the presentation to Beneficiary by Grantor of the bills therefor and at the direction of Grantor, pay the Insurance Premiums which are due or will, upon the presentation of receipted bills therefor, reimburse Grantor for such payments made by Grantor. If the total Insurance Premium Deposits on hand shall not be sufficient to pay all of the Insurance Premiums for the Trust Property when the same shall become due, then Grantor shall pay to Beneficiary on demand the amount necessary to make up the deficiency. Beneficiary shall not be obligated to pay any Insurance Premiums which are due unless it is in receipt of available funds in an amount sufficient to pay such Insurance Premiums in full. Notwithstanding anything to the contrary contained herein, Beneficiary shall have the absolute right, regardless of whether it has received direction from Grantor, to pay the Insurance Premiums at any time during the thirty (30) day period prior to the due date thereof. Any excess ...
