Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 in the Real Estate Taxes Escrow Account and $0.00 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions), (1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged Property, (2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions). In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 99,589.47 in the Real Estate Taxes Escrow Account and $0.00 25,551.19 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 101,406.67 in the Real Estate Taxes Escrow Account and $0.00 20,727.06 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 129,173.43 in the Real Estate Taxes Escrow Account and $0.00 21,772.47 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 111,831.91 in the Real Estate Taxes Escrow Account and $0.00 26,052.68 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two (2) separate accounts for certain Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 71,666,67 in the Real Estate Taxes Escrow Account and $0.00 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments to be made prior to the applicable due date). With respect to On each Payment Date, Borrower shall deposit or cause to be deposited, or if the funds are being deposited into the Collection Account pursuant to the terms of Section 2.12(a), Lender or its servicer shall deposit from the Collection Account (or, and if the funds for such deposit are not available pursuant sufficient to Section 2.12(b)make such deposit, Borrower shall make an additional deposit of Borrower’s funds in the amount of such deficiency sourced from equity capital contributions),
(1) in into the Real Estate Taxes Escrow Account and Insurance Escrow Account, ;
(1) an amount equal to (1/12th) one-twelfth of the annual real estate taxes and any governmental real property assessments and any or other Impositions charges that if not paid in a timely manner will result in a Lien on a the Mortgaged Property,Property in the Real Estate Taxes Escrow Account; and
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan DocumentsDocuments (other than coverage under blanket insurance policies which include the Mortgage Property), in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for for: (xA) any Impositions real estate taxes and assessments (in the case of the Real Estate Taxes Escrow Account) ); or (yB) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions real estate taxes and assessments and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount then on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions real estate taxes and assessments by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion shall, absent an Event of Default, credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable. Notwithstanding anything to the contrary contained in this Section 2.13(b), no deposits into the Insurance Escrow Account shall be required (by Borrower, or by Lender or its servicer) so long as Borrower maintains the insurance required by the terms hereof under blanket insurance policies satisfying the requirements of this Agreement. In the event blanket insurance policies are no longer carried by Borrower, Borrower (or Lender or its servicer) shall promptly commence making the deposits into the Insurance Escrow Account required hereunder (and Borrower shall make an initial deposit in an amount reasonably determined by Lender sufficient to meet the first xxxx for insurance premiums thereafter due and payable).
Appears in 1 contract
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “"Real Estate Taxes Escrow Account” " (the “"Real Estate Taxes Escrow Account”") and the “"Insurance Escrow Account” " (the “"Insurance Escrow Account”"). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 532,534.95 in the Real Estate Taxes Escrow Account and $0.00 1,221,423.50 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s 's funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and any governmental real property assessments and any or other Impositions charges that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 857,057 in the Real Estate Taxes Escrow Account and $0.00 204,078 in the Insurance Escrow Account (i.e. i.e., one-half of the amount necessary insurance premiums allocable to meet the first insurance and real property tax bills due Mortgaged Properties and payable after to maintain all insurance policies required under the Closing Date with credit for existing monthly escrow payments made prior to Loan Documents over the applicable due datesucceeding 12-month period). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1i) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged Property,Property in the Real Estate Taxes Escrow Account; and
(2ii) an amount necessary to maintain the amount deposited on the Closing Date in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance and premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance policies required under any of the other Loan Documents, in the Insurance Escrow Account such that the amount in such account equals or exceeds one-half of the insurance premiums allocable to the Mortgaged Properties and payable to maintain all insurance policies required under the Loan Documents over the succeeding 12 month period. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer at least 5 days prior to any Imposition becoming delinquent, together with documentation an Officer’s Certificate stating the amount of funds required and other evidence (including invoices andthat the funds will be used to reimburse Borrower for payments of Impositions already paid by Borrower. Provided no Event of Default is continuing, in the case of a reimbursement of Borrower, and Borrower attaches to such certificate reasonable evidence that the related costs requested amounts have been paid) with respect , Lender shall release the requested funds to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of Borrower from the Real Estate Taxes Escrow Account, to the extent funds are available therein. In the event Borrower fails to comply with the foregoing provisions of this Section 2.13(b) (including timely submitting the required certificate), Lender shall have the right, but no obligation, to pay any or (y) all Impositions directly, and shall have no liability to Borrower for any insurance premiums for policies of insurance required failure to be maintained by Borrower pay or take any other action or inaction with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (thereto or in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)connection therewith. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectivelytaxes, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account. Provided no Event of Default is continuing, and Borrower provides reasonable evidence that the Insurance Escrow Account or is over-funded based on then current insurance premiums and the formula set forth in clause (ii) above, Lender shall release the amount by which the Insurance Escrow Account is overfunded from the Insurance Escrow Account, as applicableto the extent available therein.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for certain Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 248,412.87 in the Real Estate Taxes Escrow Account and $0.00 353,376.10 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments to be made prior to the applicable due date). With respect to each Payment Date, Borrower Lender or its servicer shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), Borrower shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),;
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and any governmental real property assessments and any or other Impositions charges that if not paid in a timely manner will result in a Lien on a Mortgaged Property,Property in the Real Estate Taxes Escrow Account; and
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan DocumentsDocuments (other than coverage under blanket insurance policies which include the Mortgage Property), in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for for: (xA) any Impositions real estate taxes and assessments (in the case of the Real Estate Taxes Escrow Account) ); or (yB) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions real estate taxes and assessments and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount then on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions real estate taxes and assessments by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion absent an Event of Default, credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
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Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender Collateral Agent shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender Collateral Agent on behalf of the Secured Parties until the Loan is paid in full. The two accounts shall be designated the “"Real Estate Taxes Escrow Account” " (the “"Real Estate Taxes Escrow Account”") and the “"Insurance Escrow Account” " (the “"Insurance Escrow Account”"). On each Advance Date, if the Closing DateMaximum LTV or the Debt Service Coverage Test is not satisfied, the Lender shall deposit out of the Loan proceeds $261,440.00 of the related Advance in the Real Estate Taxes Escrow Account and $0.00 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, if the Maximum LTV or the Debt Service Coverage Test is not satisfied, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s 's funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer Collateral Agent upon written request of Borrower delivered to Lender Collateral Agent and its Lender's servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 669,937.46 in the Real Estate Taxes Escrow Account and $0.00 68,793 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 207,000.00 in the Real Estate Taxes Escrow Account and $0.00 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged Property,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions). In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Datefirst Payment Date following the occurrence of a Cash Management Event and on each Payment Date thereafter, the Lender Borrower shall deposit out of or cause to be deposited, or if the Loan proceeds $261,440.00 in funds are being deposited into the Real Estate Taxes Escrow Collection Account and $0.00 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date with credit for existing monthly escrow payments made prior pursuant to the applicable due dateterms of Section 2.12(a). With respect to each Payment Date, Borrower Lender or its servicer shall deposit from the Collection Account (or, and if the funds for such deposit are not available pursuant sufficient to Section 2.12(b)make such deposit, Borrower shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and any governmental real property assessments and any or other Impositions charges that if not paid in a timely manner will result in a Lien on a the Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this AgreementAgreement (other than coverage under blanket insurance policies which include the Mortgaged Property if such blanket policies satisfy the provisions for the suspension of deposits into the Insurance Escrow Account set forth in the last paragraph of this Section 2.13(b)), and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. In addition, following the occurrence of a Cash Management Event, Borrower shall deposit in an amount reasonably determined by Lender which, together with the monthly deposits required above, will be sufficient to pay the annual real estate taxes and any governmental real property assessments or other charges prior to delinquency and pay the annual insurance premiums prior to the date the underlying policies would expire. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable. Notwithstanding anything to the contrary contained in this Section 2.13(b), no deposits into the Insurance Escrow Account shall be required (by Borrower, or by Lender or its servicer) so long as Borrower maintains the insurance required by the terms hereof under blanket insurance policies satisfying the requirements of this Agreement. In the event blanket insurance policies are no longer carried by Borrower, during the existence of a Cash Management Period Borrower (or Lender or its servicer) shall promptly commence making the deposits into the Insurance Escrow Account required hereunder (and Borrower shall make an initial deposit in an amount reasonably determined by Lender sufficient to meet the first xxxx for insurance premiums thereafter due and payable).
Appears in 1 contract
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 349,302.64 in the Real Estate Taxes Escrow Account and $0.00 22,250.11 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 82,279.84 in the Real Estate Taxes Escrow Account and $0.00 20,770.93 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 198,047.22 in the Real Estate Taxes Escrow Account and $0.00 26,474.54 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 151,586.52 in the Real Estate Taxes Escrow Account and $0.00 23,666.33 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 145,194.72 in the Real Estate Taxes Escrow Account and $0.00 21,143.91 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 518,926.80 in the Real Estate Taxes Escrow Account and $0.00 70,873.60 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 165,320.88 in the Real Estate Taxes Escrow Account and $0.00 25,766.76 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date xxxx with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged PropertyProperty in the Real Estate Taxes Escrow Account,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents, in the Insurance Escrow Account. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, Account to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, and in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions)dates therefor. In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Affordable Residential Communities Inc)
Real Estate Taxes Escrow Account and Insurance Escrow Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank two separate accounts for Basic Carrying Costs, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The two accounts shall be designated the “Real Estate Taxes Escrow Account” (the “Real Estate Taxes Escrow Account”) and the “Insurance Escrow Account” (the “Insurance Escrow Account”). On the Closing Date, the Lender shall deposit out of the Loan proceeds $261,440.00 621,500.00 in the Real Estate Taxes Escrow Account and $0.00 in the Insurance Escrow Account (i.e. the amount necessary to meet the first insurance and real property tax bills due and payable after the Closing Date with credit for existing monthly escrow payments made prior to the applicable due date). With respect to each Payment Date, Borrower shall deposit from the Collection Account (or, if the funds for such deposit are not available pursuant to Section 2.12(b), shall make an additional deposit of Borrower’s funds sourced from equity capital contributions),
(1) in the Real Estate Taxes Escrow Account, an amount equal to (1/12th) one-twelfth of the annual real estate taxes and assessments and any other Impositions that if not paid in a timely manner will result in a Lien on a Mortgaged Property,
(2) in the Insurance Escrow Account, an amount equal to one-twelfth (1/12th) of the annual insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents. Any and all Moneys remitted to the Real Estate Taxes Escrow Account or Insurance Escrow Account (which shall not bear interest for the benefit of Borrower) shall be held in the Real Estate Taxes Escrow Account or Insurance Escrow Account, respectively, to be withdrawn from the Real Estate Taxes Escrow Account or Insurance Escrow Account, as applicable, by Lender or its servicer upon written request of Borrower delivered to Lender and its servicer together with documentation and other evidence (including invoices and, in the case of a reimbursement of Borrower, evidence that the related costs have been paid) with respect to the respective Basic Carrying Costs towards which such funds are to be applied, and applied to pay directly (or reimburse Borrower, in the case of insurance premiums only) for (x) any Impositions (in the case of the Real Estate Taxes Escrow Account) or (y) any insurance premiums for policies of insurance required to be maintained by Borrower with respect to the Mortgaged Property pursuant to this Agreement, and any additional insurance required under any of the other Loan Documents (in the case of the Insurance Escrow Account). Borrower shall provide Lender or its servicer with bills and other documents necessary for payment of Impositions and insurance premiums at least ten (10) Business Days prior to the due date therefor (in the case of insurance premiums) and at least ten (10) Business Days prior to the first date upon which the same will become delinquent if unpaid (in the case of Impositions). In the event the amount on deposit in the Real Estate Taxes Escrow Account or the Insurance Escrow Account exceeds the amount due for Impositions by more than one-twelfth (1/12th) of the annual real estate taxes (in the case of the Real Estate Taxes Escrow Account) or the amount due for insurance premiums (in the case of the Insurance Escrow Account), respectively, Lender or its servicer shall in its sole discretion credit such excess against future payment obligations to the Real Estate Taxes Escrow Account or the Insurance Escrow Account, as applicable.
Appears in 1 contract
