Common use of Prepayment of Property Taxes Clause in Contracts

Prepayment of Property Taxes. Notwithstanding anything to the contrary contained in Section 6.1.1, so long as no Event of Default has occurred and is continuing, Borrower shall not be required to make deposits of Tax Funds to the Tax Subaccount for any Property if Borrower maintains a program whereby it prepays twelve (12) months of Property Taxes for such Property prior to the due dates therefor. If Borrower maintains such a program for a Property it may make an election to discontinue deposits of Tax Funds to the Tax Subaccount for the applicable Properties by providing a written notice thereof to Lender (a “Property Tax Prepayment Election”). In addition, Borrower shall deliver to Lender, within forty-five (45) days after the end of each calendar quarter, commencing with the calendar quarter ending March 31, 2018, proof of payment of prepaid Property Taxes for the Properties identified in the Property Tax Prepayment Election (whether in the form of cancelled checks, receipts, ACH confirmations, confirmation of electronic payments or other evidence of such payment reasonably satisfactory to Lender) unless such proof of payment has previously been delivered (i.e., during the prior calendar quarter).

Prepayment of Property Taxes. Notwithstanding anything to the contrary contained in Section 6.1.16.2.1, so long as no Event of Default has occurred and is continuing, Borrower shall not be required to make deposits of Tax Funds to the Tax Subaccount Account for any Property if Borrower maintains a program whereby it prepays twelve (12) months of Property Taxes for such Property prior to the due dates therefor. If Borrower maintains such a program for a Property it may make an election to discontinue deposits of Tax Funds to the Tax Subaccount Account for the applicable Properties by providing a written notice thereof to Lender (a “Property Tax Prepayment Election”). In addition, Borrower shall deliver to Lender, within forty-five (45) days after the end of each calendar quarter, commencing with the calendar quarter ending March 31June 30, 2018, proof of payment of prepaid Property Taxes for the Properties identified in the Property Tax Prepayment Election (whether in the form of cancelled checks, receipts, ACH confirmations, confirmation of electronic payments or other evidence of such payment reasonably satisfactory to Lender) unless such proof of payment has previously been delivered (i.e., during the prior calendar quarter).

Prepayment of Property Taxes. Notwithstanding anything to the contrary contained in Section 6.1.1, so long as no Event of Default has occurred and is continuing, Borrower shall not be required to make deposits of Tax Funds to the Tax Subaccount for any Property if Borrower maintains a program whereby it prepays twelve (12) months of Property Taxes for such Property prior to the due dates therefor. If Borrower maintains such a program for a Property it may make an election to discontinue deposits of Tax Funds to the Tax Subaccount for the applicable Properties by providing a written notice thereof to Lender (a “Property Tax Prepayment Election”). In addition, Borrower shall deliver to Lender, within forty-five (45) days after the end of each calendar quarter, commencing with the calendar quarter ending March 31, 20182017, proof of payment of prepaid Property Taxes for the Properties identified in the Property Tax Prepayment Election (whether in the form of cancelled checks, receipts, ACH confirmations, confirmation of electronic payments or other evidence of such payment reasonably satisfactory to Lender) unless such proof of payment has previously been delivered (i.e., during the prior calendar quarter).

Prepayment of Property Taxes. Notwithstanding anything to the contrary contained in Section 6.1.16.2.1, so long as no Event of Default has occurred and is continuing, Borrower shall not be required to make deposits of Tax Funds to the Tax Subaccount Account for any Property if Borrower maintains a program whereby it prepays twelve (12) months of Property Taxes for such Property prior to the due dates therefor. If Borrower maintains such a program for a Property it may make an election to discontinue deposits of Tax Funds to the Tax Subaccount Account for the applicable Properties by providing a written notice thereof to Lender Administrative Agent (a “Property Tax Prepayment Election”). In addition, Borrower shall deliver to LenderAdministrative Agent, within forty-five (45) days after the end of each calendar quarter, commencing with the calendar quarter ending March 31September 30, 20182019, proof of payment of prepaid Property Taxes for the Properties identified in the Property Tax Prepayment Election (whether in the form of cancelled checks, receipts, ACH confirmations, confirmation of electronic payments or other evidence of such payment reasonably satisfactory to LenderAdministrative Agent) unless such proof of payment has previously been delivered (i.e., during the prior calendar quarter).