Common use of Insurance, Tax and Other Payments Clause in Contracts

Insurance, Tax and Other Payments. Custodian and Administrator shall not bear or assume any responsibility to notify Depositor or to secure or maintain any fire, casualty, liability or other insurance coverage, including but not limited to title insurance coverage, on any real or personal property owned in the Custodial Account or on any property which serves as collateral under any mortgage, deed of trust, or other security instrument with respect to any promissory note or other evidence of indebtedness in the Custodial Account. Depositor acknowledges and agrees that it is the responsibility of Depositor to decide what insurance is necessary or appropriate for any investment in the Custodial Account, and to direct Custodian in writing (on a form prescribed by Custodian) to pay the premiums for any such insurance. Custodian and Administrator shall not be responsible for notification or payments of any real estate taxes, homeowners association dues, utilities or other charges with respect to any investment held in the Custodial Account unless Depositor specifically directs the Custodian to pay the same in writing (on a form prescribed by Custodian), and sufficient funds are available to pay the same from the Custodial Account. Depositor acknowledges and agrees that it shall be Depositor’s responsibility to provide to Custodian or to ensure that Custodian has received any and all bills for insurance, taxes, homeowners dues, utilities or other amounts due for assets held in the Custodial Account. Furthermore, Depositor agrees that it shall be Depositor’s responsibility to determine that payments have been made by verifying the payments via Depositor’s Custodial Account statements.

Insurance, Tax and Other Payments. The Depositor bears sole responsibility for obtaining insurance coverage for the assets in the Custodial Account. The Custodian and Administrator shall not bear or assume any responsibility to notify the Depositor or to secure or maintain any fire, casualty, liability or other insurance coverage, including but not limited to title insurance coverage, on any real or personal property owned in the Custodial Account or on any property which serves as collateral under any mortgage, deed of trust, or other security instrument with respect to any promissory note or other evidence of indebtedness in the Custodial Account. The Depositor acknowledges and agrees that it is the sole responsibility of the Depositor to decide what insurance is necessary or appropriate for any investment in the Custodial Account, and to direct the Custodian in writing (on a form prescribed by acceptable to the Custodian) to pay the premiums for any such insurance. The Custodian and Administrator shall not be responsible for notification or payments of any real estate taxes, homeowners homeowners’ association dues, utilities or other charges with respect to any investment held in the Custodial Account unless the Depositor specifically directs the Custodian to pay the same in writing (on a form prescribed by acceptable to the Custodian)) within a sufficient period of time for such direction to be accomplished in accordance with the Custodian’s normal business practices, and sufficient funds are available to pay the same from the Custodial Account. The Depositor acknowledges and agrees that it shall be the Depositor’s responsibility to provide to the Custodian or and/or to ensure that the Custodian has received any and all bills for insurance, taxes, homeowners homeowners’ dues, utilities or other amounts due for assets held in the Custodial Account. Furthermore, the Depositor agrees that it shall be the Depositor’s responsibility to determine that payments have been made by verifying the payments via on the Depositor’s Custodial Account statements. The Depositor shall bear any, and all risk associated with the failure to obtain and/or maintain proper insurance coverage to protect the assets of the Custodial Account and/or fees and penalties associated with the Depositor’s failure to pay taxes or other payments related to the assets of the Custodial Account.

Insurance, Tax and Other Payments. Custodian and Administrator shall not bear or assume any responsibility to notify Depositor or to secure or maintain any fire, casualty, liability or other insurance coverage, including but not limited to title insurance coverage, on any real or personal property owned in the Custodial Account or on any property which serves as collateral under any mortgage, deed of trust, or other security instrument with respect to any promissory note or other evidence of indebtedness in the Custodial Account. Depositor acknowledges and agrees that it is the responsibility of Depositor to decide what insurance is necessary or appropriate for any investment in the Custodial Account, and to direct Custodian in writing (on a form prescribed by Custodian) to pay the premiums for any such insurance. Custodian and Administrator shall not be responsible for notification or payments of any real estate taxes, homeowners association dues, utilities or other charges with respect to any investment held in the Custodial Account unless Depositor specifically directs the Custodian to pay the same in writing (on a form prescribed by Custodian), and sufficient funds are available to pay the same from the Custodial Account. Depositor acknowledges and agrees that it shall be Depositor’s responsibility to provide to Custodian or to ensure that Custodian has received any and all bills for insurance, taxes, homeowners dues, utilities or other amounts due for assets held in the Custodial Account. Furthermore, Depositor agrees that it shall be Depositor’s responsibility to determine that payments have been made by verifying the payments via Depositor’s Custodial Account statements.