Common use of Release of Tax Funds Clause in Contracts

Release of Tax 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 Tax Funds to Borrower for payments of Taxes prior to the date such Taxes are due or paid by Borrower, upon delivery to Lender of an Officer's Certificate, certifying as to the actual amount of the Taxes due and owing (the "CERTIFIED TAX AMOUNT") on the date thereof or within thirty (30) days from the date thereof. Lender shall advance to Borrower for same from the Tax Funds, within five (5) business days from the date Lender receives such Officer's Certificate, an amount equal to the Certified Tax Amount. In all other cases, provided no Event of Default shall have occurred and be continuing, Lender shall either (i) release Tax Funds to Borrower for Taxes paid by Borrower or (ii) apply the Tax Funds to the payment of Taxes. In making any payment relating to Taxes, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of the Tax Funds shall exceed the amounts due for Taxes, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax Funds. Any Tax Funds remaining after the Debt has been paid in full shall be returned to Borrower.

Release of Tax 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 Tax Funds right to Borrower for payments of Taxes prior to the date such Taxes are due or paid by Borrower, upon delivery to Lender of an Officer's Certificate, certifying as to the actual amount of the Taxes due and owing (the "CERTIFIED TAX AMOUNT") on the date thereof or within thirty (30) days from the date thereof. Lender shall advance to Borrower for same from the Tax Funds, within five (5) business days from the date Lender receives such Officer's Certificate, an amount equal to the Certified Tax Amount. In all other cases, provided no Event of Default shall have occurred and be continuing, Lender shall either (i) release Tax Funds to Borrower for Taxes paid by Borrower or (ii) apply the Tax Funds to payment of Taxes (and, at Borrower’s request, which shall be made not later than ten (10) days prior to the date the applicable payment of Taxes is due, Lender shall apply the Tax Funds to such payment of Taxes, provided that no Event of Default has occurred and is continuing). In making any payment relating to Taxes, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of the Tax Funds shall exceed the amounts due for Taxes, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax Funds. Any Tax Funds remaining after the Debt has been paid in full shall be returned to Borrower. In the event Lender releases an Individual Property (or assigns the Mortgage encumbering such Individual Property) as a result of the exercise of Borrower’s rights under Section 2.4 or Section 2.5 hereof, Lender shall direct Agent, and Agent shall, promptly following the release of the Lien of the Mortgage (or the assignment of the Mortgage) with respect to such Individual Property, deliver, or cause the delivery, to Borrower from the Tax Funds an amount equal to the Tax Funds deposited by Borrower into the Tax Account with respect to such Individual Property (to the extent such Tax Funds are in excess of the Tax Funds that will be required to be reserved in the Tax Account with respect to the Property (excluding such Individual Property)).