Common use of Reserve for Impositions and Insurance Premiums Clause in Contracts

Reserve for Impositions and Insurance Premiums. At Beneficiary’s request, Grantor shall create a fund or reserve for the payment of all insurance premiums and Impositions against or affecting the Mortgaged Property by paying to Beneficiary, on the first day of each calendar month prior to the maturity of the Notes, a sum equal to the premiums that will next become due and payable on the insurance policies covering Grantor, the Mortgaged Property or any part thereof or such other insurance policies required hereby or by the Loan Documents, plus Impositions next due on the Mortgaged Property or any part thereof as estimated by Beneficiary, less all sums paid previously to Beneficiary therefor, divided by the number of months to elapse before one month prior to the date when each of such premiums and Impositions will become due, such sums to be held by Beneficiary without interest to Grantor, unless interest is required by applicable Law, for the purposes of paying such premiums and Impositions. Any excess reserve shall, at the discretion of Beneficiary, be credited by Beneficiary on subsequent reserve payments or subsequent payments to be made on the Notes by the maker thereof and the other Indebtedness, and any deficiency shall be paid by Grantor to Beneficiary on or before the date when Beneficiary demands such payment to be made, but in no event after the date when such premiums and Impositions shall become delinquent. In the event there exists a deficiency in such fund or reserve at any time when Impositions or insurance premiums are due and payable, Beneficiary may, but shall not be obligated to, advance the amount of such deficiency on behalf of Grantor and such amounts so advanced shall become a part of the Indebtedness, shall be immediately due and payable, and shall bear interest at the Default Rate from the date of such advance through and including the date of repayment. Transfer of legal title to the Mortgaged Property shall automatically transfer to the holder of legal title to the Mortgaged Property the interest of Grantor in all sums deposited with Beneficiary under the provisions hereof or otherwise.

Reserve for Impositions and Insurance Premiums. At Beneficiary’s requestUpon the occurrence and during the continuance of an Event of Default, Grantor Borrower shall create a fund or reserve (the “Impositions Reserve”) for the payment of all insurance premiums and Impositions against or affecting the Mortgaged Property by paying to BeneficiaryLender, on the first day of each calendar month prior to the maturity of the NotesNote, as may be extended, a sum equal to the premiums that will next become due and payable on the insurance policies covering GrantorBorrower, the Mortgaged Property or any part thereof or such other insurance policies required hereby or by the Loan Documents, plus Impositions next due on the Mortgaged Property or any part thereof as estimated by BeneficiaryLender, less all sums paid previously to Beneficiary Lender therefor, divided by the number of months to elapse before one month prior to the date when each of such premiums and Impositions will become due, such delinquent. Such sums to be deposited and held by Beneficiary without in an Impositions Reserve account with the Lender shall accrue interest to Grantor, unless interest is required by applicable Law, at Lender’s money market rate for the purposes of paying such premiums and Impositions. Notwithstanding the foregoing, excluded from such payment to Lender shall be the then-current charges for water, gas, sewer, electricity, and other utilities. Any excess reserve shall, at the discretion of BeneficiaryLender upon notice to Borrower, be credited by Beneficiary Lender on subsequent reserve payments or subsequent payments to be made on the Notes Note by the maker thereof and the other Indebtednessthereof, and any deficiency shall be paid by Grantor Borrower to Beneficiary Lender on or before three (3) business days from the date when Beneficiary Lender demands such payment to be made, but in no event after the date when such premiums and Impositions shall become delinquent. In the event there exists a deficiency in such fund or reserve at any time when Impositions or insurance premiums are due and payable, Beneficiary Lender may, but shall not be obligated to, advance the amount of such deficiency on behalf of Grantor Borrower and such amounts so advanced shall become a part of the Indebtedness, shall be immediately due and payable, and shall bear interest at the Default Rate from the date of such advance through and including the date of repayment. Transfer Unless otherwise agreed at the time of such transfer, transfer of legal title to the Mortgaged Property shall automatically transfer to the holder of legal title to the Mortgaged Property the interest of Grantor Borrower in all sums deposited with Beneficiary Lender under the provisions hereof or otherwise.

Reserve for Impositions and Insurance Premiums. At Beneficiary’s Lender's request, Grantor Borrower shall create a fund or reserve for the payment of all insurance premiums and Impositions against or affecting the Mortgaged Property by paying to BeneficiaryLender, on the first day of each calendar month prior to the maturity of the NotesNote, a sum equal to the premiums that will next become due and payable on the insurance policies covering GrantorBorrower, the Mortgaged Property or any part thereof or such other insurance policies required hereby or by the Loan Documents, plus Impositions next due on the Mortgaged Property or any part thereof as estimated by BeneficiaryLeader, less all sums paid previously to Beneficiary Lender therefor, divided by the number of months to elapse before one month prior to the date when each cash of such premiums and Impositions will become due, such sums to be held by Beneficiary Lender without interest to GrantorBorrower, unless interest is required by applicable Lawlaw, for the purposes of paying such premiums and Impositions. Any excess reserve shall, at the discretion of BeneficiaryLender, be credited by Beneficiary Lender on subsequent reserve payments or subsequent payments to be made on the Notes Note by the maker thereof and the other Indebtednessthereof, and any deficiency shall be paid by Grantor Borrower to Beneficiary Lender on or before the date when Beneficiary Lender demands such payment to be made, but in no event after the date when such premiums and Impositions shall become delinquent. In the event If there exists a deficiency in such fund or reserve at any time when Impositions or insurance premiums are due and payable, Beneficiary Lender may, but shall not be obligated to, advance the amount of such deficiency on behalf of Grantor Borrower and such amounts so advanced shall become a part of the Indebtedness, shall be immediately due and payable, and shall bear interest at the Default Rate from the date of such advance through and including the date of repayment. Transfer Without implying Lender's consent to same, transfer of legal title to the Mortgaged Property shall automatically transfer to the holder of legal title to the Mortgaged Property the interest of Grantor Borrower in all sums deposited with Beneficiary Lender under the provisions hereof or otherwise.

Reserve for Impositions and Insurance Premiums. At Beneficiary’s 's ---------------------------------------------- request, Grantor shall create a fund or reserve for the payment of all insurance premiums and Impositions against or affecting the Mortgaged Property by paying to Beneficiary, on the first day of each calendar month prior to the maturity of the Notes, a sum equal to the premiums that will next become due and payable on the insurance policies covering Grantor, the Mortgaged Property or any part thereof or such other insurance policies required hereby or by the Loan Documents, plus Impositions next due on the Mortgaged Property or any part thereof as estimated by Beneficiary, less all sums paid previously to Beneficiary therefor, divided by the number of months to elapse before one month prior to the date when each of such premiums and Impositions will become due, such sums to be held by Beneficiary without interest to Grantor, unless interest is required by applicable Lawlaw, for the purposes of paying such premiums and Impositions. Any excess reserve shall, at the discretion of Beneficiary, be credited by Beneficiary on subsequent reserve payments or subsequent payments to be made on the Notes by the maker thereof and the other Indebtednessthereof, and any deficiency shall be paid by Grantor to Beneficiary on or before the date when Beneficiary demands such payment to be made, but in no event after the date when such premiums and Impositions shall become delinquent. In the event If there exists a deficiency in such fund or reserve at any time when Impositions or insurance premiums are due and payable, Beneficiary may, but shall not be obligated to, advance the amount of such deficiency on behalf of Grantor and such amounts so advanced shall become a part of the Indebtedness, shall be immediately due and payable, and shall bear interest at the Default Rate from the date of such advance through and including the date of repayment. Transfer Without implying Beneficiary's consent to same, transfer of legal title to the Mortgaged Property shall automatically transfer to the holder of legal title to the Mortgaged Property the interest of Grantor in all sums deposited with Beneficiary under the provisions hereof or otherwise.