Common use of Payment of Impositions; Sufficiency of Imposition Deposits Clause in Contracts

Payment of Impositions; Sufficiency of Imposition Deposits. Lender may pay an Imposition according to any xxxx, statement, or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement, or estimate or into the validity of the Imposition. Imposition Deposits shall be required to be used by Lender to pay Taxes, insurance premiums and any other individual Imposition only if: (1) no Event of Default exists; (2) Borrower has timely delivered to Lender all applicable bills or premium notices that it has received; and (3) sufficient Imposition Deposits are held by Lender for each Imposition at the time such Imposition becomes due and payable. Lender shall have no liability to Borrower or any other Person for failing to pay any Imposition if any of the conditions are not satisfied. If at any time the amount of the Imposition Deposits held for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender to be held in connection with such Imposition, the excess may be credited against future installments of Imposition Deposits for such Imposition.

Payment of Impositions; Sufficiency of Imposition Deposits. Lender may pay an Imposition according to any xxxx, statement, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxx, statement, statement or estimate or into the validity of the Imposition. Imposition Deposits shall be required to be used by Lender to pay Taxes, insurance premiums and any other individual Imposition only if: (1) no Event of Default exists; (2) Borrower has timely delivered to Lender all applicable bills or premium notices that it has received; and (3) sufficient Imposition Deposits are held by Lender for each Imposition at the time such Imposition becomes due and payable. Lender shall have no liability to Borrower or any other Person for failing to pay any Imposition if any of the conditions are not satisfied. If at any time the amount of the Imposition Deposits held for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender to be held in connection with such Imposition, the excess may be credited against future installments of Imposition Deposits for such Imposition.

Payment of Impositions; Sufficiency of Imposition Deposits. Lender may pay an Imposition according to any xxxxbxxx, statement, statement or estimate from the appropriate public office or insurance company without inquiring into the accuracy of the xxxxbxxx, statement, statement or estimate or into the validity of the Imposition. Imposition Deposits shall be required to be used by Lender to pay Taxes, insurance premiums and any other individual Imposition only if: (1) no Event of Default exists; (2) Borrower has timely delivered to Lender all applicable bills or premium notices that it has received; and (3) sufficient Imposition Deposits are held by Lender for each Imposition at the time such Imposition becomes due and payable. Lender shall have no liability to Borrower or any other Person for failing to pay any Imposition if any of the conditions are not satisfied. If at any time the amount of the Imposition Deposits held for payment of a specific Imposition exceeds the amount reasonably deemed necessary by Lender to be held in connection with such Imposition, the excess may be credited against future installments of Imposition Deposits for such Imposition.