Common use of Monthly Deposits Clause in Contracts

Monthly Deposits. Unless this covenant is prohibited by law or waived in writing by Mortgagee, Mortgagor shall pay each year to Mortgagee, together with and in addition to the monthly payments of principal and interest payable under the terms of the Note, until the Note is fully paid, in equal monthly installments, the estimated amount of the annual property taxes, assessments, insurance premiums and similar charges next payable, as estimated by Mortgagee. If at any time Mortgagee determines that such payments will not be sufficient to account for each such charge on its due date (and in the case of annual property taxes, on the due date of the first installment thereof), Mortgagor shall pay to Mortgagee, upon demand, additional sums as necessary to account for such deficiency. Mortgagee may retain the sums received under this paragraph A.8 and apply them to such charges when they (and in the case of annual property taxes, the first installment thereof) become due. Sums received shall not earn interest and maybe commingled with other funds of Mortgagee. If Mortgagee is required by law to pay interest on these sums, Mortgagee may, to the extent permitted by law, impose a charge for holding and disbursing such funds. In the event of a default under the Note, this Mortgage or any other instrument securing the Note, Mortgagee may apply the sums required under this paragraph A.8 (without prepayment fee and without limiting the privilege, if any, to prepay any amounts secured hereby) first to accrued interest and then to the principal balance secured hereby. As an additional covenant hereof, and in any event if the foregoing provision for prepayment is at any time prohibited by law, or waived in writing by Mortgagee, or Mortgagor fails to make payments in the full amount required under this paragraph A.8, Mortgagor shall pay such charges when they (and in the case of annual property taxes, the first installment thereof) are due and, upon demand, provide Mortgagee with satisfactory evidence of payment and coverage.

Monthly Deposits. Unless this covenant is prohibited by law or waived in writing by Mortgagee, Mortgagor shall pay each year to Mortgagee, together with and in addition Subject to the monthly payments terms and provisions of principal and interest payable under the terms of the NoteSection 3.3.2 below, until the Note is fully paid, in equal monthly installments, the estimated amount of the annual property taxes, assessments, insurance premiums and similar charges next payable, as estimated by Mortgagee. If at any time Mortgagee determines that such payments will not be sufficient to account for each such charge on its due date (and in the case of annual property taxes, on the due date of the first installment thereof), Mortgagor Borrower shall pay to MortgageeLender on each Payment Date (i) one-twelfth of the Taxes that Lender estimates will be payable during the next 12 months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to the delinquency date and (ii) one-twelfth 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 with Lender sufficient funds to pay all such Insurance Premiums at least 30 days prior to the expiration of the Policies. Such amounts will be transferred by Lender to a Subaccount (the “Tax and Insurance Subaccount”). Provided that no monetary Event of Default or material non-monetary Event of Default has occurred and is continuing, upon demandLender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Sections 5.2 and 7.1, additional sums as necessary to account provided that Borrower has promptly supplied Lender with notices of all Taxes and Insurance Premiums due, or (b) reimburse Borrower for such deficiencyamounts upon presentation of evidence of payment; subject, however, to Borrower’s’ right to contest Taxes in accordance with Section 5.2. Mortgagee In making any payment relating to Taxes and Insurance Premiums, Lender may retain do so according to any xxxx, statement or estimate procured from the sums received under this paragraph A.8 and apply them appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such charges when they (and xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Lender determines in its reasonable judgment that the funds in the case of annual property taxes, the first installment thereof) become due. Sums received shall not earn interest Tax and maybe commingled with other funds of Mortgagee. If Mortgagee is required by law Insurance Subaccount will be insufficient to pay interest on these sums(or in excess of) the Taxes or Insurance Premiums next coming due, Mortgagee may, Lender may increase (or decrease) the monthly contribution required to be made by Borrower to the extent permitted by law, impose a charge for holding Tax and disbursing such funds. In the event of a default under the Note, this Mortgage or any other instrument securing the Note, Mortgagee may apply the sums required under this paragraph A.8 (without prepayment fee and without limiting the privilege, if any, to prepay any amounts secured hereby) first to accrued interest and then to the principal balance secured hereby. As an additional covenant hereof, and in any event if the foregoing provision for prepayment is at any time prohibited by law, or waived in writing by Mortgagee, or Mortgagor fails to make payments in the full amount required under this paragraph A.8, Mortgagor shall pay such charges when they (and in the case of annual property taxes, the first installment thereof) are due and, upon demand, provide Mortgagee with satisfactory evidence of payment and coverageInsurance Subaccount.

Monthly Deposits. Unless this covenant is prohibited Borrower shall deposit monthly with Lender, concurrently with each regular monthly Loan payment, or at Lender’s option, with an escrow agent designated by law or waived in writing Lender, whose fee shall be paid by Mortgagee, Mortgagor shall pay each year to Mortgagee, together with and in addition to the monthly payments of principal and interest payable under the terms of the NoteBorrower, until the Note Indebtedness is fully paidrepaid, such sum or sums determined by Lender in equal monthly installmentsits sole discretion to be sufficient to pay, the estimated amount of the annual property at least thirty (30) days before due, all taxes, assessments, insurance premiums and similar charges next (“Impositions”) with respect to the Property. Said deposits shall be held by Lender or such escrow agent free of any liens or claims on the part of creditors of Borrower and as part of the security of Lender, to be used by Lender to pay the Impositions as the same accrue and are due and payable. Nothing contained herein shall cause Lender to be deemed a trustee as to said deposits. Said deposits may be commingled with the general funds of Lender and no interest shall be payable thereon. If said funds are insufficient to pay the Impositions in full, as the same become payable, Borrower will deposit with Lender such additional sum or sums as estimated by Mortgageemay be required. If at Nothing contained herein shall cause Lender to be obligated to pay any time Mortgagee determines that such payments will not be amounts in excess of the amount of funds deposited with Lender pursuant to this paragraph. Should Borrower fail to deposit with Lender sums sufficient to account for each such charge on pay in full the Impositions at least thirty (30) days before the date when due, Lender, at Lender’s election, but without any obligation so to do, may advance any amounts required to make up the deficiency, and any amounts so advanced shall be deemed part of the Indebtedness secured by the Loan Documents and shall bear interest at the Default Rate. Upon any Event of Default under this Mortgage or the Note or any other Loan Document, Lender may, at its due date (and option, apply any money in the case of annual property taxes, on fund resulting from said deposits to the due date payment of the first installment thereof), Mortgagor shall pay to Mortgagee, upon demand, additional sums Indebtedness in such manner as necessary to account for such deficiency. Mortgagee it may retain the sums received under this paragraph A.8 and apply them to such charges when they (and in the case of annual property taxes, the first installment thereof) become due. Sums received shall not earn interest and maybe commingled with other funds of Mortgagee. If Mortgagee is required by law to pay interest on these sums, Mortgagee may, to the extent permitted by law, impose a charge for holding and disbursing such fundselect. In the event of a default foreclosure of this Mortgage, the purchaser of the Property shall succeed to all the rights of Borrower in and to such deposits. The collection of such deposits by Lender shall not relieve Borrower of any of the obligations of Borrower under the Note, this Mortgage Paragraph 1.2 or 1.3 or any other instrument securing the Note, Mortgagee may apply the sums required under provision of this paragraph A.8 (without prepayment fee and without limiting the privilege, if any, to prepay any amounts secured hereby) first to accrued interest and then to the principal balance secured hereby. As an additional covenant hereofMortgage, and in any event if the foregoing provision unless Lender is grossly negligent, under no circumstances shall Lender be liable for prepayment is at any time prohibited by law, or waived in writing by Mortgagee, or Mortgagor fails failure to make any payment on behalf of Borrower, including, without limitation, payments in the full amount required under this paragraph A.8, Mortgagor shall pay such charges when they (and in the case of annual property taxes, the first installment thereof) are due and, upon demand, provide Mortgagee with satisfactory evidence of payment and coverageassessments or insurance premiums.

Monthly Deposits. Unless Notwithstanding the foregoing provisions of this covenant Article 6, Landlord shall have the right, at its option, to require Tenant to pay to Landlord (or to any mortgagee as directed by Landlord), at the time when the monthly installment of minimum rent is prohibited payable, an amount equal to one-twelfth (1/12th) of the annual Impositions as reasonably estimated by law or waived in writing by MortgageeLandlord. If Landlord elects to have Tenant make such payments, Mortgagor Tenant also shall pay each year to MortgageeLandlord or to such mortgagee, together with and in addition to as the case may be, at least thirty (30) days before any fine, penalty, interest or cost may be added thereto for the non-payment thereof, the amount by which the Impositions becoming due exceed the monthly payments on account thereof previously made by Tenant. The amounts paid by Tenant pursuant to this Paragraph (c) shall be used to pay the Impositions, but such amounts shall not be deemed to be trust funds and no interest shall be payable thereon. If Landlord elects to have Tenant make such payments, within one hundred twenty (120) days after the end of principal and interest payable under the terms each calendar year, Landlord shall submit to Tenant a statement of the Note, until the Note is fully paid, in equal monthly installments, the estimated actual amount of Impositions for such calendar year, and the annual property taxesactual amount owed by Tenant, assessmentsand within thirty (30) days after receipt of such statement, insurance premiums and similar charges next payable, as estimated by Mortgagee. If at any time Mortgagee determines that such payments will not be sufficient to account for each such charge on its due date (and in the case of annual property taxes, on the due date of the first installment thereof), Mortgagor Tenant shall pay to Mortgageeany deficiency between the actual amount owed and the estimates paid during such calendar year, upon demand, additional sums as necessary to account for such deficiency. Mortgagee may retain the sums received under this paragraph A.8 and apply them to such charges when they (and or in the case of annual property taxes, the first installment thereof) become due. Sums received shall not earn interest and maybe commingled with other funds of Mortgagee. If Mortgagee is required by law to pay interest on these sums, Mortgagee may, to the extent permitted by law, impose a charge for holding and disbursing such funds. In the event of a default under overpayment, Landlord shall credit the Note, this Mortgage amount of such overpayment toward the next installment of rent owed by Tenant or remit such overpayment to Tenant within thirty (30) days if the Term has expired or has been terminated. The obligations in the immediately preceding sentence shall survive the expiration or any earlier termination of this Lease. If the Commencement Date shall fall on other instrument securing than the Notefirst day of the calendar year, Mortgagee may apply the sums required under this paragraph A.8 (without prepayment fee and without limiting the privilege, if any, to prepay any amounts secured hereby) first to accrued interest and then to the principal balance secured hereby. As an additional covenant hereof, and in any event and/or if the foregoing provision for prepayment is at any time prohibited by law, or waived in writing by Mortgagee, or Mortgagor fails to make payments in Expiration Date shall fall on other than the full amount required under this paragraph A.8, Mortgagor shall pay such charges when they (and in last day of the case of annual property taxescalendar year, the first installment thereofImpositions for such calendar year shall be apportioned prorata. Landlord may correct any statement of expense for twelve (12) are due and, upon demand, provide Mortgagee with satisfactory evidence of payment and coveragemonths after it is initially issued (but not later).

Monthly Deposits. Unless this covenant is prohibited Borrower shall deposit monthly with Lender, concurrently with each regular monthly Loan payment, or at Lender’s option, with an escrow agent designated by law or waived in writing Lender, whose fee shall be paid by Mortgagee, Mortgagor shall pay each year to Mortgagee, together with and in addition to the monthly payments of principal and interest payable under the terms of the NoteBorrower, until the Note Indebtedness is fully paidrepaid, such sum or sums determined by Lender in equal monthly installmentsits sole discretion to be sufficient to pay, the estimated amount of the annual property at least thirty (30) days before due, all taxes, assessments, insurance premiums and similar charges next (“Impositions”) with respect to the Property. Said deposits shall be held by Lender or such escrow agent free of any liens or claims on the part of creditors of Borrower and as part of the security of Lender, to be used by Lender to pay the Impositions as the same accrue and are due and payable. Nothing contained herein shall cause Lender to be deemed a trustee as to said deposits. Said deposits may be commingled with the general funds of Lender and no interest shall be payable thereon. If said funds are insufficient to pay the Impositions in full, as the same become payable, Borrower will deposit with Lender such additional sum or sums as estimated by Mortgageemay be required. If at Nothing contained herein shall cause Lender to be obligated to pay any time Mortgagee determines that such payments will not be amounts in excess of the amount of funds deposited with Lender pursuant to this paragraph. Should Borrower fail to deposit with Lender sums sufficient to account for each such charge on pay in full the Impositions at least thirty (30) days before the date when due, Lender, at Lender’s election, but without any obligation so to do, may advance any amounts required to make up the deficiency, and any amounts so advanced shall be deemed part of the Indebtedness secured by the Loan Documents and shall bear interest at the Default Rate. Upon any Event of Default under this Deed of Trust or the Note or any other Loan Document, Lender may, at its due date (and option, apply any money in the case of annual property taxes, on fund resulting from said deposits to the due date payment of the first installment thereof), Mortgagor shall pay to Mortgagee, upon demand, additional sums Indebtedness in such manner as necessary to account for such deficiency. Mortgagee it may retain the sums received under this paragraph A.8 and apply them to such charges when they (and in the case of annual property taxes, the first installment thereof) become due. Sums received shall not earn interest and maybe commingled with other funds of Mortgagee. If Mortgagee is required by law to pay interest on these sums, Mortgagee may, to the extent permitted by law, impose a charge for holding and disbursing such fundselect. In the event of a default foreclosure of this Deed of Trust, the purchaser of the Property shall succeed to all the rights of Borrower in and to such deposits. The collection of such deposits by Lender shall not relieve Borrower of any of the obligations of Borrower under the Note, this Mortgage Paragraph 1.2 or 1.3 or any other instrument securing the Note, Mortgagee may apply the sums required under provision of this paragraph A.8 (without prepayment fee and without limiting the privilege, if any, to prepay any amounts secured hereby) first to accrued interest and then to the principal balance secured hereby. As an additional covenant hereofDeed of Trust, and in any event if the foregoing provision unless Lender is grossly negligent, under no circumstances shall Lender be liable for prepayment is at any time prohibited by law, or waived in writing by Mortgagee, or Mortgagor fails failure to make any payment on behalf of Borrower, including, without limitation, payments in the full amount required under this paragraph A.8, Mortgagor shall pay such charges when they (and in the case of annual property taxes, the first installment thereof) are due and, upon demand, provide Mortgagee with satisfactory evidence of payment and coverageassessments or insurance premiums.

Monthly Deposits. Unless At Mortgagee’s option following a default of this covenant is prohibited by law Mortgage or waived a default under the Loan Documents (as hereinafter defined) after the expiration of all applicable notice and opportunity to cure provisions herein or therein, Mortgagor will deposit with the Mortgagee a sum which, in writing by the estimation of the Mortgagee, Mortgagor shall pay each year be equal to Mortgagee, together with and in addition to the monthly payments of principal and interest payable under the terms of the Note, until the Note is fully paid, in equal monthly installments, the estimated amount one-twelfth of the annual property taxes, assessments, assessments and insurance premiums and similar charges next payable, as estimated due in connection with the ownership of the Premises. The deposits shall be held by Mortgagee. If at any time Mortgagee determines that such payments will not be sufficient to account for each such charge on its due date in a separate accounts (and in the case of annual property taxes, on the due date of the first installment thereof), Mortgagor shall pay to Mortgagee, upon demand, additional sums as necessary to account for such deficiency. Mortgagee may retain the sums received under this paragraph A.8 and apply them to such charges when they (and in the case of annual property taxes, the first installment thereof) become due. Sums received shall not earn interest and maybe commingled with any other funds of Mortgagee) free of interest, and free of any liens or claims on the part of creditors of the Mortgagor and as part of the security of the Mortgagee, and shall be used by the Mortgagee to pay current taxes, assessments and insurance premiums on each Premises as the same accrue and are payable. The deposits shall not be, nor be deemed to be, trust funds. If Mortgagee is required by law the deposits are insufficient to pay interest on these sumsthe taxes, assessments and insurance premiums in full as the same become payable, the Mortgagor will deposit with the Mortgagee such additional sum or sums as may be required in order for the Mortgagee to pay such taxes and assessments in full. Upon any default hereunder or under the Note or Loan Documents, which default is not cured during any applicable notice and cure period, the Mortgagee may, at its option, apply any money in the fund resulting from the deposits to the extent permitted by law, impose a charge for holding and disbursing payment of the indebtedness secured hereby in such fundsmanner as it may elect. In the event of that there is a default under the Note, this Mortgage or any other instrument securing the Note, Mortgagee may apply the sums required under this paragraph A.8 (without prepayment fee and without limiting the privilege, if any, to prepay any amounts secured hereby) first to accrued interest and then to the principal balance secured hereby. As an additional covenant hereof, and in any event if the foregoing provision for prepayment is at any time prohibited by law, or waived in writing by Mortgagee, or Mortgagor fails to make payments shortfall in the full amount required under this paragraph A.8funds needed to satisfy the taxes and insurance premiums referenced herein, Mortgagor shall pay pay, within ten (10) calendar days’ notice of such charges when they (and in deficiency, all sums required by Mortgagee to ensure the case payment of annual property the taxes, the first installment thereof) are due and, upon demand, provide Mortgagee with satisfactory evidence of payment assessments and coverageinsurance premiums.

Monthly Deposits. Unless At Mortgagee’s option following a default of this covenant is prohibited by law Mortgage or waived a default under the Loan Documents (as hereinafter defined) after the expiration of all applicable notice and opportunity to cure provisions herein or therein, Mortgagor will deposit with the Mortgagee a sum which, in writing by the estimation of the Mortgagee, Mortgagor shall pay each year be equal to Mortgagee, together with and in addition to the monthly payments of principal and interest payable under the terms of the Note, until the Note is fully paid, in equal monthly installments, the estimated amount one-twelfth of the annual property taxes, assessments, assessments and insurance premiums and similar charges next payable, as estimated due in connection with the ownership of the Premises. The deposits shall be held by Mortgagee. If at any time Mortgagee determines that such payments will not be sufficient to account for each such charge on its due date in a separate accounts (and in the case of annual property taxes, on the due date of the first installment thereof), Mortgagor shall pay to Mortgagee, upon demand, additional sums as necessary to account for such deficiency. Mortgagee may retain the sums received under this paragraph A.8 and apply them to such charges when they (and in the case of annual property taxes, the first installment thereof) become due. Sums received shall not earn interest and maybe commingled with any other funds of Mortgagee) free of interest, and free of any liens or claims on the part of creditors of the Mortgagor and as part of the security of the Mortgagee, and shall be used by the Mortgagee to pay current taxes, assessments and insurance premiums on each Premises as the same accrue and are payable. The deposits shall not be, nor be deemed to be, trust funds. If Mortgagee is required by law the deposits are insufficient to pay interest on these sumsthe taxes, assessments and insurance premiums in full as the same become payable, the Mortgagor will deposit with the Mortgagee such additional sum or sums as may be required in order for the Mortgagee to pay such taxes and assessments in full. Upon any default hereunder or under the Note or Loan Documents, which default is not cured during any applicable notice and cure period, the Mortgagee may, at its option, apply any money in the fund resulting from the deposits to the extent permitted by law, impose a charge for holding and disbursing payment of the indebtedness secured hereby in such fundsmanner as it may elect. In the event of that there is a default under the Note, this Mortgage or any other instrument securing the Note, Mortgagee may apply the sums required under this paragraph A.8 (without prepayment fee and without limiting the privilege, if any, to prepay any amounts secured hereby) first to accrued interest and then to the principal balance secured hereby. As an additional covenant hereof, and in any event if the foregoing provision for prepayment is at any time prohibited by law, or waived in writing by Mortgagee, or Mortgagor fails to make payments shortfall in the full amount required under this paragraph A.8funds needed to satisfy the taxes and insurance premiums referenced herein, Mortgagor shall pay pay, within ten (10) calendar days’ notice of such charges when they (and in deficiency, all sums required by Mortgagee to ensure the case payment of annual property the taxes, the first installment thereof) are due and, upon demand, provide Mortgagee with satisfactory evidence of payment assessments and coverageinsurance premiums.

Monthly Deposits. Unless this covenant is prohibited by law or waived in writing by MortgageeTo further secure the payment of the taxes, assessments and the premiums on the insurance, Mortgagor shall pay each year to will deposit with the Mortgagee, together with and in addition to the monthly payments of principal and interest payable under the terms of the Note, until the Note is fully paid, in equal monthly installments, the estimated amount of the annual property taxes, assessments, insurance premiums and similar charges next payable, as estimated by Mortgagee. If at any time Mortgagee determines that such payments will not be sufficient to account for each such charge on its due date (and in the case of annual property taxes, on the due date of the first each monthly installment thereof), Mortgagor shall pay to Mortgagee, upon demand, additional sums as necessary to account for such deficiency. Mortgagee may retain the sums received under this paragraph A.8 and apply them to such charges when they (and in the case of annual property taxes, the first installment thereof) become due. Sums received shall not earn interest and maybe commingled with other funds of Mortgagee. If Mortgagee is required by law to pay interest on these sums, Mortgagee may, to the extent permitted by law, impose a charge for holding and disbursing such funds. In the event of a default under the Note, this Mortgage a sum which, in the estimation of the Mortgagee, shall be equal to one-twelfth (1/12) of the annual taxes, assessments and insurance premiums on or any other instrument securing with respect to the NotePremises; provided, however, that deposits for insurance premiums shall not be required so long as (a) the insurance required to be provided hereunder is being provided under a blanket insurance policy approved by Mortgagee may apply or (b) there shall exist no Event of Default (as hereinafter defined) hereunder. Said deposits shall be held by the sums required under this paragraph A.8 (without prepayment fee and without limiting the privilegeMortgagee, if any, to prepay any amounts secured hereby) first to accrued free of interest and then to free of any liens or claims on the principal balance secured hereby. As an additional covenant hereofpart of creditors of Mortgagor and as part of the security of the Mortgagee, and to be used by the Mortgagee to pay current taxes, assessments and insurance premiums on the Premises as the same are due. Said deposits shall not be trust funds but may be commingled with the general funds of the Mortgagee. If said deposits are insufficient to pay the taxes, assessments and insurance premiums in full as the same become due, Mortgagor shall, upon request of Mortgagee, deposit immediately with the Mortgagee such additional sum as may be required in order for the Mortgagee to pay such taxes, assessments and insurance premiums in full. Upon the occurrence of any event if the foregoing provision for prepayment is default or Event of Default at any time prohibited by law, or waived when the Mortgagee is in writing by Mortgagee, or Mortgagor fails to make payments in the full amount required under this paragraph A.8, Mortgagor shall pay possession of such charges when they (and in the case of annual property taxesdeposits, the first installment thereof) are due andMortgagee may, upon demandat its option, provide Mortgagee with satisfactory evidence apply any of said deposits to the payment and coverageof the Indebtedness in such manner as it may elect.