Common use of Insurance Reserve Funds Clause in Contracts

Insurance Reserve Funds. (a) On the Closing Date, Borrower shall deposit with Lender the amount of $0 and Borrower shall deposit on each Monthly Payment Date an amount equal to one-twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (the “Monthly Insurance Deposit”). The initial estimated Monthly Insurance Deposit shall be $0. Amounts deposited pursuant to this Section 8.2 are referred to herein as the (“Insurance Reserve Funds”). If at any time Lender reasonably determines that the Insurance Reserve Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies. All Insurance Reserve Funds shall be held by Lender or Servicer in an Eligible Account (the “Insurance Reserve Account”)(b) . Notwithstanding the foregoing, Borrower shall not be required to make the Monthly Insurance Deposit as set forth above, provided that, (i) no Event of Default shall have occurred and be continuing, (ii) no Cash Trap Event Period shall have occurred, (iii) the Policies maintained by Borrower covering the Property are part of a blanket or umbrella policy approved by Lender in its reasonable discretion pursuant to Section 7.1 hereof, including, without limitation, approval of the schedule of locations and values, (iv) Borrower provides Lender evidence of renewal of such Policies pursuant to Section 7.1 hereof, and (v) Borrower provides Lender paid receipts for the payment of the Insurance Premiums by no later than ten (10) Business Days prior to the expiration dates of the Policies. Borrower shall immediately commence making all Monthly Insurance Deposits, as required pursuant to this Section 8.2, within five (5) days of receipt of notice from Lender of Borrower’s failure to comply with items (i), (ii), (iii), (iv) or (v) above, which such notice shall instruct Borrower to immediately commence making all Monthly Insurance Deposits.

Insurance Reserve Funds. (a) On the Closing DateSubject to Subsection 8.2(c) below, Borrower shall deposit with Lender the amount of $0 and Borrower shall deposit on each Monthly Payment Date an amount equal to one-twelfth one‑twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (the “Monthly Insurance Deposit”). The initial estimated Monthly Insurance Deposit shall be $0. Amounts deposited pursuant to this Section 8.2 are referred to herein as the (“Insurance Reserve Funds”). If at any time Lender reasonably determines that the Insurance Reserve Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies. All Insurance Reserve Funds shall be held by Lender or Servicer Notwithstanding anything to the contrary contained in an Eligible Account (the “Insurance Reserve Account”)(b) . Notwithstanding the foregoingthis Section 8.2, Borrower shall not be required to make deposit the Monthly Insurance Deposit Reserve Funds with Lender so long as set forth above, provided that, (i) no Event of Default shall have has occurred and be is continuing, (ii) no Cash Trap Event Period shall have occurred, (iii) the Policies insurance required to be maintained by Borrower covering the Property are part of a blanket or umbrella policy approved by Lender in its reasonable discretion pursuant to Section 7.1 hereof7.1(a) above is maintained pursuant to one or more blanket Policies in compliance with Section 7.1(c), including, without limitation, approval of the schedule of locations and values, (iviii) Borrower provides Lender with paid receipts and other evidence of renewal of such Policies pursuant satisfactory to Section 7.1 hereoflender that all Insurance Premiums have been and continue to be fully and timely paid, and in any event, at least thirty (v30) Borrower provides Lender paid receipts for the payment of the Insurance Premiums by no later than ten (10) Business Days days prior to the expiration dates date the Policies would, in the absence of payment, expire, lapse, be canceled or the Policies. Borrower shall immediately commence making all Monthly Insurance Deposits, as required pursuant to this Section 8.2, within five (5) days of receipt of notice from Lender of Borrower’s failure to comply with items (i), (ii), (iii), (iv) or (v) above, which such notice shall instruct Borrower to immediately commence making all Monthly Insurance Depositscoverage thereunder otherwise impaired.

Insurance Reserve Funds. (a) On the Closing Date, Borrower shall deposit with Lender the amount of $0 and Borrower shall deposit on each Monthly Payment Date an amount equal to one-twelfth one‑twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (the “Monthly Insurance Deposit”). The initial estimated Monthly Insurance Deposit shall be $0. Amounts deposited pursuant to this Section 8.2 are referred to herein as the (“Insurance Reserve Funds”). If at any time Lender reasonably determines that the Insurance Reserve Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies. All Insurance Reserve Funds shall be held by Lender or Servicer in an Eligible Account (the “Insurance Reserve Account”)(b) . Notwithstanding the foregoingforgoing, Borrower shall not be required to make the Monthly Insurance Deposit as set forth above, above provided that, (i) no Event of Default shall have occurred and be continuing, (ii) no Cash Trap Event Period shall have occurred, (iii) the Policies liability and casualty policies maintained by Borrower covering the Property are part of a blanket or umbrella policy approved by Lender in its reasonable discretion pursuant to Section 7.1 hereof, including, without limitation, approval of the schedule of locations and valuesdiscretion, (iviii) Borrower provides Lender evidence of renewal of such Policies policy pursuant to Section 7.1 7.1(c) hereof, and (viv) Borrower provides Lender paid receipts (or such other evidence of payment as may be reasonably acceptable to Lender) for the payment of the Insurance Premiums by no later than ten fifteen (1015) Business Days days prior to the expiration dates of the Policies. Borrower shall immediately commence making all Monthly Insurance Deposits, as required by Lender pursuant to this Section 8.2, within five (5) days of receipt of notice from Lender of Borrower’s failure to comply with items (i), (ii), (iii), (iv) or (viv) above, which such notice shall instruct Borrower to immediately commence making all Monthly Insurance Deposits.

Insurance Reserve Funds. (ag) On the Closing Date, Borrower Borrowers shall deposit with Lender the amount of $0 and Borrower shall deposit on each Monthly Payment Date an amount equal to one-one twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (the “Monthly Insurance Deposit”). The initial estimated Monthly Insurance Deposit shall be $0. Amounts deposited pursuant to this Section 8.2 are referred to herein as the (“Insurance Reserve Funds”). If at any time Lender reasonably determines that the Insurance Reserve Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower Borrowers of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies. All Insurance Reserve Funds shall be held by Lender or Servicer Notwithstanding anything to the contrary contained in an Eligible Account (the “Insurance Reserve Account”)(b) . Notwithstanding the foregoingthis Section 8.2, Borrower Borrowers shall not be required to make deposit the Monthly Insurance Deposit Reserve Funds with Lender so long as set forth above, provided that, (i) no Event of Default shall have has occurred and be is continuing, (ii) no Cash Trap Event Period shall have occurredthe insurance maintained by Borrowers is either maintained (a) pursuant to Section 7.1(a) above or (b) pursuant to one or more blanket Policies in compliance with Section 7.1(c) above, and (iii) the Policies maintained by Borrower covering the Property are part of a blanket or umbrella policy approved by Borrowers provide Lender in its reasonable discretion pursuant with paid receipts and other evidence satisfactory to Section 7.1 hereof, including, without limitation, approval of the schedule of locations Lender that all Insurance Premiums have been and values, (iv) Borrower provides Lender evidence of renewal of such Policies pursuant continue to Section 7.1 hereofbe fully and timely paid, and in any event, at least thirty (v30) Borrower provides Lender paid receipts for the payment of the Insurance Premiums by no later than ten (10) Business Days days prior to the expiration dates date the Policies would, in the absence of payment, expire, lapse, be canceled or the Policies. Borrower shall immediately commence making all Monthly Insurance Deposits, as required pursuant to this Section 8.2, within five (5) days of receipt of notice from Lender of Borrower’s failure to comply with items (i), (ii), (iii), (iv) or (v) above, which such notice shall instruct Borrower to immediately commence making all Monthly Insurance Depositscoverage thereunder otherwise impaired.