Payment of Loan Agreement and Reserves Sample Clauses

Payment of Loan Agreement and Reserves. (a) Grantor shall promptly and punctually pay all principal and interest as provided in the Loan Agreement, together with any late charges, prepayment premium, and all other sums to become due in respect of the Loan Agreement, according to the true intent and meaning thereof. Upon request of Beneficiary or Purchaser after the existence of an uncured default or Event of Default hereunder which is not cured during any applicable cure or grace period, Grantor shall also pay to Beneficiary, together with and in addition to the payments of principal and interest payable under the terms of the Loan Agreement secured hereby, on the first day of each month, until all obligations which may arise under said Loan Agreement are fully paid, a sum, as estimated by Beneficiary or Purchaser, equal to the taxes and special assessments next due on the Premises covered by this Deed of Trust, plus the premiums that will next become due and payable on insurance policies as may be required hereunder, Grantor agreeing to deliver promptly to Beneficiary and Purchaser all bills and notices thereof, less all sums already paid therefor, divided by the number of months to elapse before one (1) month prior to the date when such premiums, taxes and special assessments will become delinquent, such sums to be held by Beneficiary to pay said premiums, taxes and special assessments. Such payments, hereinafter referred to as "Reserves", are to be held without any allowance of interest or dividend to Grantor and need not be kept separate and apart from other funds of Beneficiary but shall be deemed trust funds held for the benefit of Grantor. All payments mentioned in this paragraph and all payments to be made under the Loan Agreement secured hereby shall be added together and the aggregate amount thereof shall be applied by Beneficiary to the following items in such order as Beneficiary shall elect: (i) taxes, special assessments, insurance premiums; (ii) interest, late charges and prepayment premiums on the Loan secured hereby; and
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Related to Payment of Loan Agreement and Reserves

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