Common use of Property Account Clause in Contracts

Property Account. (a) During the term of the Loan, Borrower shall cause Mortgage Borrower to establish and maintain an account (the “Property Account”) with Property Account Bank in trust for the benefit of Mortgage Lender, which Property Account shall be under the sole dominion and control of Mortgage Lender. Except as otherwise expressly set forth in the Mortgage Loan Agreement, Mortgage Lender and its servicer shall have the sole right to make withdrawals from the Property Account and all costs and expenses for establishing and maintaining the Property Account shall be paid by Mortgage Borrower.