Property tax account. We deposit the regular payments of property taxes in a separate property tax account. We'll pay property taxes even if we have to overdraw this account. While this account is overdrawn, you must pay us interest on the overdraft at the interest rate for the loan. At any time, you may pay off the overdraft. Our security secures the overdraft and the interest. We don't hold regular payments of property taxes in trust.
Appears in 5 contracts
Samples: Residential Mortgage or Hypothec Switch Agreement, Residential Mortgage, Residential Mortgage
