Common use of Release of Insurance Premium Funds Clause in Contracts

Release of Insurance Premium Funds. Lender shall, provided no Event of Default shall have occurred and be continuing, and the Debt Service Coverage Ratio shall not be less than 1.05:1, release the Insurance Premium Funds to Borrower for payment of Insurance Premiums prior to the date such Insurance Premiums are due or paid by Borrower, upon delivery to Lender of an Officer's Certificate, certifying as to the actual amount of the Insurance Premiums then due and owing (the "CERTIFIED INSURANCE AMOUNT") on the date thereof or within sixty (60) days from the date thereof. Lender shall advance to Borrower for same from the Insurance Funds, within five (5) business days from the date Lender receives such Officer's Certificate, an amount equal to the Certified Insurance Amount. In all other cases, provided no Event of Default shall have occurred and be continuing, Lender shall either (i) release the Insurance Premium Funds to Borrower for Insurance Premiums paid by Borrower or (ii) apply the Insurance Funds to the payment of Insurance Premiums. In making any payment relating to Insurance Premiums, Lender may do so according to any xxxx, statement or estimate procured from the insurer or its agent, without inquiry into the accuracy of such xxxx, statement or estimate. If the amount of the Insurance Premium Funds shall exceed the amounts due for Insurance Premiums, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Insurance Premium Funds. Any Insurance Premium Funds remaining after the Debt has been paid in full shall be returned to Borrower.