Common use of Payment of Property Charges Clause in Contracts

Payment of Property Charges. 2.10.1 Borrower has elected to require Lender to use Loan Advances to pay property charges consisting of taxes, hazard insurance premiums, ground rents and special assessments if indicated on the attached payment plan (Exhibit 1). Borrower may change this election by notifying Xxxxxx and at that time Xxxxxx shall pay to Borrower any amounts withheld from the Loan Advances to pay property charges.

Payment of Property Charges. 2.10.1 Borrower has elected to require Lender to use Loan Advances to pay property charges consisting of taxes, hazard insurance premiums, ground rents and special assessments if indicated on the attached payment plan (Exhibit 1). Borrower may change this election by notifying Xxxxxx Lender and at that time Xxxxxx Lender shall pay to Borrower any amounts withheld from the Loan Advances to pay property charges.