Common use of Reserve for Insurance, Taxes and Assessments Clause in Contracts

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any Default, to secure the payment and performance of the Secured Indebtedness, but not in lieu of such obligations, Mortgagor will deposit with Mortgagee a sum equal to real estate taxes, assessments and charges (which charges for the purpose of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee and prorated to the end of the calendar month following the month during which Mortgagee’s request is made, and thereafter will deposit with Mortgagee, on each date when an installment of principal and/or interest is due on the Note, sufficient funds (as estimated from time to time by Mortgagee) to permit Mortgagee to pay at least fifteen (15) days prior to the date when penalties would accrue thereon, the next maturing real estate taxes, assessments and charges and premiums for such policies of insurance. Mortgagee shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee for future application to taxes and assessments or refunded to Mortgagor, at Mortgagee’s option, and any deficiency in such funds so deposited shall be made up by Mortgagor upon demand of Mortgagee. All such funds so deposited shall bear no interest, may be commingled with the general funds of Mortgagee and shall be applied by Mortgagee toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee by Mortgagor (which statements shall be presented by Mortgagor to Mortgagee a reasonable time before the applicable amount is due); provided, however, that, if a Default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s option be applied to the payment of the Secured Indebtedness in the order determined by Mortgagee in its sole discretion, and that Mortgagee may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s interest in and rights to such funds held by Mortgagee under this paragraph but subject to the rights of Mortgagee hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following Xxxxxx and upon the occurrence of any a Default, to secure the payment and performance of the Secured Indebtedness, but not in lieu of such obligationspayment and performance, Mortgagor Grantor will deposit with Mortgagee Holder for the benefit of itself and Lenders a sum equal to real estate taxes, assessments and charges (which charges for the purpose purposes of this paragraph clause (g) shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee Xxxxxx and prorated to the end of the calendar month following the month during which MortgageeXxxxxx’s request is made, and thereafter will deposit with MortgageeHolder, on each date when an installment of principal and/or interest is due on pursuant to the NoteCredit Agreement, sufficient funds (as estimated from time to time by MortgageeXxxxxx) to permit Mortgagee Holder to pay at least fifteen (15) days prior to the due date when penalties would accrue thereonthereof, the next maturing real estate taxes, assessments and charges and premiums for such policies of insurance. Mortgagee Holder shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee Holder for future application use, applied to taxes and assessments any Secured Indebtedness or refunded to MortgagorGrantor, at MortgageeHolder’s option, and any deficiency in such funds so deposited shall be made up by Mortgagor Grantor upon demand of MortgageeHolder. All such funds so deposited shall bear no interest, may be commingled with the general funds of Mortgagee Holder and shall be applied by Mortgagee Holder toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee Holder by Mortgagor Grantor (which statements shall be presented by Mortgagor Grantor to Mortgagee Holder a reasonable time before the applicable amount is due); provided, however, that, if a Default shall have occurred hereunder, which remains uncured, such funds may at MortgageeHolder’s option be applied to the payment of the Secured Indebtedness in the order determined by Mortgagee Xxxxxx in its sole discretion, and that Mortgagee Holder may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of MortgagorGrantor’s interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of MortgagorGrantor’s interest in and rights to such funds held by Mortgagee Holder under this paragraph clause (g) but subject to the rights of Mortgagee Xxxxxx and Xxxxxxx hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following Xxxxxx and upon the occurrence of any a Default, to secure the payment and performance of the Secured Indebtedness, but not in lieu of such obligationspayment and performance, Mortgagor Grantor will deposit with Mortgagee Holder for the benefit of itself and Lenders a sum equal to real estate taxes, assessments and charges (which charges for the purpose purposes of this paragraph clause (g) shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee Xxxxxx and prorated to the end of the calendar month following the month during which MortgageeXxxxxx’s request is made, and thereafter will deposit with MortgageeHolder, on each date when an installment of principal and/or interest is due on pursuant to the NoteCredit Agreement, sufficient funds (as estimated from time to time by MortgageeXxxxxx) to permit Mortgagee Holder to pay at least fifteen (15) days prior to the due date when penalties would accrue thereonthereof, the next maturing real estate taxes, assessments and charges and premiums for such policies of insurance. Mortgagee Holder shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee Holder for future application use, applied to taxes and assessments any Secured Indebtedness or refunded to MortgagorGrantor, at MortgageeHolder’s option, and any deficiency in such funds so deposited shall be made up by Mortgagor Grantor upon demand of MortgageeHolder. All such funds so deposited shall bear no interest, may be commingled with the general funds of Mortgagee Holder and shall be applied by Mortgagee Holder toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee Holder by Mortgagor Grantor (which statements shall be presented by Mortgagor Grantor to Mortgagee Holder a reasonable time before the applicable amount is due); provided, however, that, if a Default shall have occurred hereunder, which remains uncured, such funds may at MortgageeHolder’s option be applied to the payment of the Secured Indebtedness in the order determined by Mortgagee Holder in its sole discretion, and that Mortgagee Holder may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of MortgagorGrantor’s interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of MortgagorGrantor’s interest in and rights to such funds held by Mortgagee Holder under this paragraph clause (g) but subject to the rights of Mortgagee Xxxxxx and Xxxxxxx hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any Default, to secure the payment and performance of the Secured Indebtedness, but not in lieu of such obligations, Mortgagor will deposit with Mortgagee a sum equal to real estate taxes, assessments and charges (which charges for the purpose of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee and prorated to the end of the calendar month following the month during which Mortgagee’s 's request is made, and thereafter will deposit with Mortgagee, on each date when an installment of principal and/or interest is due on the Note, sufficient funds (as estimated from time to time by Mortgagee) to permit Mortgagee to pay at least fifteen (15) days prior to the date when penalties would accrue thereon, the next maturing real estate taxes, assessments and charges and premiums for such policies of insurance. Mortgagee shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee for future application to taxes and assessments or refunded to Mortgagor, at Mortgagee’s 's option, and any deficiency in such funds so deposited shall be made up by Mortgagor upon demand of Mortgagee. All such funds so deposited shall bear no interest, may be commingled with the general funds of Mortgagee and shall be applied by Mortgagee toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee by Mortgagor (which statements shall be presented by Mortgagor to Mortgagee a reasonable time before the applicable amount is due); provided, however, that, if a Default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s 's option be applied to the payment of the Secured Indebtedness in the order determined by Mortgagee in its sole discretion, and that Mortgagee may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s 's interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s 's interest in and rights to such funds held by Mortgagee under this paragraph but subject to the rights of Mortgagee hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any DefaultMortgagee, to secure the payment and performance of the Secured Indebtedness, but not in lieu of such obligationspayment and performance, Mortgagor will deposit with Mortgagee a sum equal to real estate taxes, assessments and charges (which charges for the purpose purposes of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee and prorated to the end of the calendar month following the month during which Mortgagee’s request is made, and thereafter will deposit with Mortgagee, on each date when an installment of principal and/or interest is due on the Note, sufficient funds (as estimated from time to time by Mortgagee) to permit Mortgagee to pay at least fifteen (15) days prior to the due date when penalties would accrue thereonthereof, the next maturing real estate taxes, assessments and charges and premiums for such policies of insurance. Mortgagee shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee for future application use, applied to taxes and assessments any Secured Indebtedness or refunded to Mortgagor, at Mortgagee’s option, and any deficiency in such funds so deposited shall be made up by Mortgagor upon demand of Mortgagee. All such funds so deposited shall bear no interest, may be commingled with the general funds of Mortgagee and shall be applied by Mortgagee toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee by Mortgagor (which statements shall be presented by Mortgagor to Mortgagee a reasonable time before the applicable amount is due); provided, however, that, if a Default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s option be applied to the payment of the Secured Indebtedness in the order determined by Mortgagee in its sole discretion, and that Mortgagee may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s interest in and rights to such funds held by Mortgagee under this paragraph but subject to the rights of Mortgagee hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any DefaultHolder, to secure the payment certain of Grantor’s obligations in paragraphs (c) and performance of the Secured Indebtedness(d) above, but not in lieu of such obligations, Mortgagor Grantor will deposit with Mortgagee Holder a sum equal to real estate taxes, assessments and charges (which charges for the purpose of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee Holder and prorated to the end of the calendar month following the month during which MortgageeHolder’s request is made, and thereafter will deposit with MortgageeHolder, on each date when an installment of principal and/or interest is due on the Note, sufficient funds (as estimated from time to time by MortgageeHolder) to permit Mortgagee Holder to pay at least fifteen (15) days prior to the due date when penalties would accrue thereonthereof, the next maturing real estate taxes, assessments and charges and premiums for such policies of insurance. Mortgagee Holder shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any To the extent permitted by law, any excess over the amounts required for such purposes shall be held by Mortgagee Holder for future application use, applied to taxes and assessments any Secured Indebtedness or refunded to MortgagorGrantor, at MortgageeHolder’s option, and any deficiency in such funds so deposited shall be made up by Mortgagor Grantor upon demand of MortgageeHolder. All such funds so deposited shall bear no interest, may be commingled mingled with the general funds of Mortgagee Holder and shall be applied by Mortgagee Holder toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee Holder by Mortgagor Grantor (which statements shall be presented by Mortgagor Grantor to Mortgagee Holder a reasonable time before the applicable amount is due); provided, however, that, if a Default default shall have occurred hereunder, which remains uncured, such funds may at MortgageeHolder’s option be applied to the payment of the Secured Indebtedness in the order determined by Mortgagee Holder in its sole discretion, and that Mortgagee Holder may (but shall have no obligationobligation to) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of MortgagorGrantor’s interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of MortgagorGrantor’s interest in and rights to such funds held by Mortgagee Holder under this paragraph but subject to the rights of Mortgagee Holder hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any Default-------------------------------------------- Mortgagee, to secure the payment certain of Mortgagor's obligations in paragraphs (c) and performance of the Secured Indebtedness(d) above, but not in lieu of such obligations, Mortgagor will deposit with Mortgagee a sum equal to real estate ad valorem taxes, assessments and charges (which charges for the purpose of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee and prorated to the end of the calendar month following the month during which Mortgagee’s 's request is made, and thereafter will deposit with Mortgagee, on each date when an installment of principal and/or interest is due on the Note, sufficient funds (as estimated from time to time by Mortgagee) to permit Mortgagee to pay at least fifteen (15) days prior to the due date when penalties would accrue thereonthereof, the next maturing real estate ad valorem taxes, assessments and charges and premiums for such policies of insurance. Mortgagee shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee for future application use, applied to taxes and assessments any secured indebtedness or refunded to Mortgagor, at Mortgagee’s 's option, and any deficiency in such funds so deposited shall be made up by Mortgagor upon demand of Mortgagee. All such funds so deposited shall bear no interest, may be commingled mingled with the general funds of Mortgagee and shall be applied by Mortgagee toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee by Mortgagor (which statements shall be presented by Mortgagor to Mortgagee a reasonable time before the applicable amount is duedelinquent); provided, however, that, if a an Event of Default (hereinafter defined) shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s 's option be applied to the payment of the Secured Indebtedness secured indebtedness in the order determined by Mortgagee in its sole discretion, and that Mortgagee may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s 's interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s 's interest in and rights to such funds held by Mortgagee under this paragraph but subject to the rights of Mortgagee hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any DefaultAdministrative Lender, to secure the payment certain of Grantor's obligations in paragraphs (c) and performance of the Secured Indebtedness(d) above, but not in lieu of such obligations, Mortgagor Grantor will deposit with Mortgagee Administrative Lender a sum equal to real estate ad valorem taxes, assessments and charges (which charges for the purpose of this paragraph shall include without limitation any recurring charge which could result in a lien against the Mortgaged Property) against the Mortgaged Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee Administrative Lender and prorated to the end of the calendar month following the month during which Mortgagee’s Administrative Lender's request is made, and thereafter will deposit with MortgageeAdministrative Lender, on each date when an installment of principal and/or interest is due on the NoteNotes, or any of them, sufficient funds (as estimated from time to time by MortgageeAdministrative Lender) to permit Mortgagee Administrative Lender to pay at least fifteen (15) days prior to the due date when penalties would accrue thereonthereof, the next maturing real estate ad valorem taxes, assessments and charges and premiums for such policies of insurance. Mortgagee Administrative Lender shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee Administrative Lender for future application use, applied to taxes and assessments any Secured Indebtedness or refunded to MortgagorGrantor, at Mortgagee’s Administrative Lender's option, and any deficiency in such funds so deposited shall be made up by Mortgagor Grantor upon demand of MortgageeAdministrative Lender. All such funds so deposited shall bear no interest, may be commingled mingled with the general funds of Mortgagee Administrative Lender and shall be applied by Mortgagee Administrative Lender toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee Administrative Lender by Mortgagor Grantor (which statements shall be presented by Mortgagor Grantor to Mortgagee Administrative Lender a reasonable time before the applicable amount is due); provided, however, that, if a Default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s Administrative Lender's option be applied to the payment of the Secured Indebtedness in the order determined by Mortgagee Administrative Lender in its sole discretion, and that Mortgagee Administrative Lender may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s Grantor's interest in the Mortgaged Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s Grantor's interest in and rights to such funds held by Mortgagee Administrative Lender under this paragraph but subject to the rights of Mortgagee hereunderSection 2.1(e).

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any DefaultMortgagee, to secure the payment and performance of the Secured Indebtedness, but not in lieu of such obligationspayment and performance, Mortgagor will deposit with Mortgagee a sum equal to real estate taxes, assessments and charges (which charges for the purpose purposes of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee and prorated to the end of the calendar month following the month during which Mortgagee’s 's request is made, and thereafter will deposit with Mortgagee, on each date when an installment of principal and/or interest is due on the Note, sufficient funds (as estimated from time to time by Mortgagee) to permit Mortgagee to pay at least fifteen (15) days prior to the due date when penalties would accrue thereonthereof, the next maturing real estate taxes, assessments and charges and premiums for such policies of insurance. Mortgagee shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee for future application use, applied to taxes and assessments any Secured Indebtedness or refunded to Mortgagor, at Mortgagee’s 's option, and any deficiency in such funds so deposited shall be made up by Mortgagor upon demand of Mortgagee. All such funds so deposited shall bear no interest, may be commingled with the general funds of Mortgagee and shall be applied by Mortgagee toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee by Mortgagor (which statements shall be presented by Mortgagor to Mortgagee a reasonable time before the applicable amount is due); provided, however, that, if a Default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s 's option be applied to the payment of the Secured Indebtedness in the order determined by Mortgagee in its sole discretion, and that Mortgagee may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s 's interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s 's interest in and rights to such funds held by Mortgagee under this paragraph but subject to the rights of Mortgagee hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any DefaultLender, to secure the payment certain of Borrower's obligations in paragraphs (c) and performance of the Secured Indebtedness(d) above, but not in lieu of such obligations, Mortgagor Borrower will deposit with Mortgagee Lender a sum equal to real estate ad valorem taxes, assessments and charges (which charges for the purpose of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee Lender and prorated to the end of the calendar month following the month during which Mortgagee’s Lender's request is made, and thereafter will deposit with MortgageeLender, on each date when an installment of principal and/or interest is due on the Note, sufficient funds (as estimated from time to time by MortgageeLender) to permit Mortgagee Lender to pay at least fifteen (15) days prior to the delinquency date when penalties would accrue thereonthereof, the next maturing real estate ad valorem taxes, XXXXX/ORANGE COUNTY ASSOCIATES DEED OF TRUST PAGE 11 assessments and charges and premiums for such policies of insurance. Mortgagee Lender shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee Lender for future application use, applied to taxes and assessments any secured indebtedness or refunded to MortgagorBorrower, at Mortgagee’s Lender's option, and any deficiency in such funds so deposited shall be made up by Mortgagor Borrower upon demand of MortgageeLender. All such funds so deposited shall bear no interestinterest at the rate applicable to the account selected by Lender for such funds, may be commingled mingled with the general funds of Mortgagee Lender and shall be applied by Mortgagee Lender toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee Lender by Mortgagor Borrower (which statements shall be presented by Mortgagor Borrower to Mortgagee Lender a reasonable time before the applicable amount is duedelinquent); provided, however, that, if a Default default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s Lender's option be applied to the payment of the Secured Indebtedness secured indebtedness in the order determined by Mortgagee Lender in its sole discretion, and that Mortgagee Lender may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s Borrower's interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s Borrower's interest in and rights to such funds held by Mortgagee Lender under this paragraph but subject to the rights of Mortgagee Lender hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any Default-------------------------------------------- Mortgagee, to secure the payment certain of Mortgagor's obligations in paragraphs (c) and performance of the Secured Indebtedness(d) above, but not in lieu of such obligations, Mortgagor will deposit with Mortgagee a sum equal to real estate ad valorem taxes, assessments and charges (which charges for the purpose of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee and prorated to the end of the calendar month following the month during which Mortgagee’s 's request is made, and thereafter will deposit with Mortgagee, on each date when an installment of principal and/or interest is due on the Note, sufficient funds (as estimated from time to time by Mortgagee) to permit Mortgagee to pay at least fifteen (15) days prior to the delinquency date when penalties would accrue thereonthereof, the next maturing real estate ad valorem taxes, assessments and charges and premiums for such policies of insurance. Mortgagee shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee for future application use, applied to taxes and assessments any secured indebtedness or refunded to Mortgagor, at Mortgagee’s 's option, and any deficiency in such funds so deposited shall be made up by Mortgagor upon demand of Mortgagee. All such funds so deposited shall bear no interestinterest at the rate applicable to the account selected by Mortgagee for such funds, may be commingled mingled with the general funds of Mortgagee and shall be applied by Mortgagee toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee by Mortgagor (which statements shall be presented by Mortgagor to Mortgagee a reasonable time before the applicable amount is duedelinquent); provided, however, that, if a Default default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s 's option be applied to the payment of the Secured Indebtedness secured indebtedness in the order determined by Mortgagee in its sole discretion, and that Mortgagee may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s 's interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s 's interest in and rights to such funds held by Mortgagee under this paragraph but subject to the rights of Mortgagee hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any Default, to secure the payment and performance of the Secured Indebtedness, but not in lieu of such obligations, Mortgagor will deposit with Mortgagee a sum equal to real estate taxes, assessments and charges (which charges for the purpose of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee and prorated to the end of the calendar month following the month during which Mortgagee’s request is made, and thereafter will deposit with Mortgagee, on each date when an installment of principal and/or interest is due on the Note, sufficient funds (as estimated from time to time by Mortgagee) to permit Mortgagee to pay at least fifteen (15) days prior to the date when penalties would accrue thereon, the next maturing real estate taxes, assessments and charges and premiums for such policies of insurance. Mortgagee shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee for future application to taxes and assessments or refunded to Mortgagor, at Mortgagee’s option, and any deficiency in such funds so deposited shall be made up by Mortgagor upon demand of Mortgagee. All such funds so deposited shall bear no interest, may be commingled with the general funds of Mortgagee and shall be applied by Mortgagee toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee by Mortgagor Mxxxxxxxx (which statements shall be presented by Mortgagor to Mortgagee a reasonable time before the applicable amount is due); provided, however, that, if a Default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s option be applied to the payment of the Secured Indebtedness in the order determined by Mortgagee in its sole discretion, and that Mortgagee may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of MortgagorMxxxxxxxx’s interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of MortgagorMxxxxxxxx’s interest in and rights to such funds held by Mortgagee under this paragraph but subject to the rights of Mortgagee hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any Defaultan Event of Default and upon the written request of Beneficiary, to secure the payment and performance certain of the Secured IndebtednessTrustor's obligations in this Article 4, but not in lieu of such obligations, Mortgagor Trustor will deposit with Mortgagee Beneficiary a sum equal to real estate ad valorem taxes, assessments and charges (which charges for the purpose of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee Beneficiary and prorated to the end of the calendar month following the month during which Mortgagee’s Beneficiary's request is made, and thereafter will deposit with MortgageeBeneficiary, on each date when an installment of principal and/or interest is due on the NoteNotes, sufficient funds (as estimated from time to time by MortgageeBeneficiary) to permit Mortgagee Beneficiary to pay at least fifteen (15) days prior to the due date when penalties would accrue thereonthereof, the next maturing real estate ad valorem taxes, assessments and charges and premiums for such policies of insurance. Mortgagee Beneficiary shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee Beneficiary for future application use, applied to taxes and assessments any secured indebtedness or refunded to MortgagorTrustor, at Mortgagee’s Beneficiary's option, and any deficiency in such funds so deposited shall be made up by Mortgagor Trustor upon demand of MortgageeBeneficiary. All such funds so deposited shall bear no interest, may be commingled mingled with the general funds of Mortgagee Beneficiary and shall be applied by Mortgagee Beneficiary toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee Beneficiary by Mortgagor Trustor (which statements shall be presented by Mortgagor Trustor to Mortgagee Beneficiary a reasonable time before the applicable amount is due); provided, however, that, if a Default default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s Beneficiary's option be applied to the payment of the Secured Indebtedness secured indebtedness in the order determined by Mortgagee Beneficiary in its sole discretion, and that Mortgagee Beneficiary may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s Trustor's interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s Trustor's interest in and rights to such funds held by Mortgagee Beneficiary under this paragraph but subject to the rights of Mortgagee Beneficiary hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any a Default, to secure the payment and performance of the Secured Indebtedness, but not in lieu of such obligationspayment and performance, Mortgagor Mortgagor, upon written demand by Mortgagee, will deposit with Mortgagee a sum equal to real estate taxes, assessments and charges (which charges for the purpose purposes of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee and prorated to the end of the calendar month following the month during which Mortgagee’s request is made, and thereafter will deposit with Mortgagee, on each date when an installment of principal and/or interest is due on as set forth in the NoteCredit Agreement, sufficient funds (as estimated from time to time by Mortgagee) to permit Mortgagee to pay at least fifteen (15) days prior to the due date when penalties would accrue thereonthereof, the next maturing real estate taxes, assessments and charges and premiums for such policies of insurance. Mortgagee shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee for future application use, applied to taxes and assessments any Secured Indebtedness or refunded to Mortgagor, at Mortgagee’s option, and any deficiency in such funds so deposited shall be made up by Mortgagor upon demand of Mortgagee. All such funds so deposited shall bear no interest, may be commingled comingled with the general funds of Mortgagee and shall be applied by Mortgagee toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee by Mortgagor (which statements shall be presented by Mortgagor to Mortgagee a reasonable time before the applicable amount is due); provided, however, that, if a Default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s option be applied to the payment of the Secured Indebtedness in the order determined by Mortgagee in its sole discretion, and that Mortgagee may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s interest in and rights to such funds held by Mortgagee under this paragraph but subject to the rights of Mortgagee hereunder.

Reserve for Insurance, Taxes and Assessments. Upon At Lender's option and request of Mortgagee following upon Borrower's failure to make any required tax or insurance payment in connection with the occurrence of any DefaultProperty, Borrower will deposit with Lender, to secure Borrower's obligations to pay the payment and performance of the Secured Indebtednesssums referred to below in this Section, but not in lieu of such obligations, Mortgagor will deposit with Mortgagee a sum equal to real estate ad valorem taxes, assessments and charges (which charges for the purpose of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such the current year for the policies of insurance for required under the current yearLoan Documents, all as reasonably estimated by Mortgagee Lender and prorated to the end of the calendar month following the month during which Mortgagee’s Lender's request is made, and thereafter will deposit with MortgageeLender, on each date when an installment of principal and/or interest is due on the Notedue, sufficient funds (as estimated from time to time by MortgageeLender) to permit Mortgagee Lender to pay at least fifteen (15) days prior to the due date when penalties would accrue thereonthereof, and Lender is hereby authorized to pay, the next maturing real estate ad valorem taxes, assessments and charges and premiums for such policies of insurance. Mortgagee shall have Lender has the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have has no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee Lender for future application use, applied to taxes any of the Obligations (whether or not due) in such manner and assessments order as Lender may determine in its sole discretion, or refunded to MortgagorBorrower, at Mortgagee’s Lender's option, and any . Any deficiency in such funds so deposited shall be made up by Mortgagor upon demand Borrower within ten (10) days of Mortgageerequest by Lender. All such funds so deposited shall bear no interest, may be commingled mingled with the general funds of Mortgagee Lender and shall be applied by Mortgagee Lender toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee Lender by Mortgagor Borrower (which statements shall be presented by Mortgagor Borrower to Mortgagee Lender a reasonable time before the applicable amount is due); provided, however, that, provided that if a Default shall have has occurred hereunder, which remains uncured, hereunder such funds may at Mortgagee’s Lender's option be applied to the payment of the Secured Indebtedness Obligations (whether or not due) in the manner and order determined by Mortgagee in its sole discretionLender, and that Mortgagee Lender may (but shall have has no obligationobligation to) at any time, in its discretion, apply all or any part of such funds toward the payment of any such past due taxes, assessments, charges or premiums which are past duepremiums, together with any penalties or late charges or other governmental charges with respect thereto. The conveyance or transfer of Mortgagor’s Borrower's interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of lawLaw) shall constitute an assignment or transfer of Mortgagor’s Borrower's interest in and rights to such funds held by Mortgagee Lender under this paragraph but Section subject to the rights of Mortgagee hereunderLender.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any DefaultLender, to secure the payment certain of Borrower's obligations in paragraphs (c) and performance of the Secured Indebtedness(d) above, but not in lieu of such obligations, Mortgagor Borrower will deposit with Mortgagee Lender a sum equal to real estate ad valorem taxes, assessments and charges (which charges for the purpose of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee Lender and prorated to the end of the calendar month following the month during which Mortgagee’s Lender's request is made, and thereafter will deposit with MortgageeLender, on each date when an installment of principal and/or interest is due on the Note, sufficient funds (as estimated from time to time by MortgageeLender) to permit Mortgagee Lender to pay at least fifteen (15) days prior to the delinquency date when penalties would accrue thereonthereof, the next maturing real estate ad valorem taxes, assessments and charges and premiums for such policies of XXXXX/FREMONT ASSOCIATES DEED OF TRUST PAGE 11 insurance. Mortgagee Lender shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee Lender for future application use, applied to taxes and assessments any secured indebtedness or refunded to MortgagorBorrower, at Mortgagee’s Lender's option, and any deficiency in such funds so deposited shall be made up by Mortgagor Borrower upon demand of MortgageeLender. All such funds so deposited shall bear no interestinterest at the rate applicable to the account selected by Lender for such funds, may be commingled mingled with the general funds of Mortgagee Lender and shall be applied by Mortgagee Lender toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee Lender by Mortgagor Borrower (which statements shall be presented by Mortgagor Borrower to Mortgagee Lender a reasonable time before the applicable amount is duedelinquent); provided, however, that, if a Default default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s Lender's option be applied to the payment of the Secured Indebtedness secured indebtedness in the order determined by Mortgagee Lender in its sole discretion, and that Mortgagee Lender may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s Borrower's interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s Borrower's interest in and rights to such funds held by Mortgagee Lender under this paragraph but subject to the rights of Mortgagee Lender hereunder.

Reserve for Insurance, Taxes and Assessments. Upon the request of Mortgagee Administrative Agent following the occurrence of any Defaultan Event of Default (as defined below) which is then continuing, to secure the payment and performance of the Secured Indebtedness, but not in lieu of such obligationspayment and performance, Mortgagor will deposit with Mortgagee Administrative Agent a sum equal to real estate taxes, assessments and charges (which charges for the purpose purposes of this paragraph shall include without limitation any recurring charge which could result in a lien against the Property) against the Property for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee Administrative Agent and prorated to the end of the calendar month following the month during which Mortgagee’s Administrative Agent's request is made, and thereafter will deposit with MortgageeAdministrative Agent, on each date when an installment of principal and/or interest is due on as required in the NoteLoan Agreement, sufficient funds (as estimated from time to time by MortgageeAdministrative Agent) to permit Mortgagee Administrative Agent to pay at least fifteen (15) days prior to the due date when penalties would accrue thereonthereof, the next maturing real estate taxes, assessments and charges and premiums for such policies of insurance. Mortgagee Administrative Agent shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any To the extent permitted by Applicable Law, any excess over the amounts required for such purposes shall be held by Mortgagee Administrative Agent for future application use, applied to taxes and assessments any Secured Indebtedness or refunded to Mortgagor, at Mortgagee’s Administrative Agent's option, and any deficiency in such funds so deposited shall be made up by Mortgagor upon demand of MortgageeAdministrative Agent. All such funds so deposited shall bear no interest, may be commingled comingled with the general funds of Mortgagee Administrative Agent and shall be applied by Mortgagee Administrative Agent toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee Administrative Agent by Mortgagor (which statements shall be presented by Mortgagor to Mortgagee Administrative Agent a reasonable time before the applicable amount is due); provided, however, that, if a an Event of Default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s Administrative Agent's option be applied to the payment of the Secured Indebtedness in the order determined by Mortgagee Administrative Agent in its sole discretion, and that Mortgagee Administrative Agent may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s 's interest in the Property for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s 's interest in and rights to such funds held by Mortgagee Administrative Agent under this paragraph but subject to the rights of Mortgagee Administrative Agent hereunder.

Reserve for Insurance, Taxes and Assessments. Upon request of Mortgagee following the occurrence of any -------------------------------------------- Required Lenders after a Default, to secure the payment certain of Borrower's obligations in Sections 5.6 and performance of the Secured Indebtedness5.7 above, but not in lieu of such obligations, Mortgagor Borrower will deposit with Mortgagee Administrative Agent a sum equal to real estate ad valorem taxes, assessments and charges (which charges for the purpose of this paragraph shall include without limitation any recurring charge which could result in a lien Lien against the Propertyany Collateral) against the Property any Collateral for the current year and the premiums for such policies of insurance for the current year, all as reasonably estimated by Mortgagee Administrative Agent and prorated to the end of the calendar month following the month during which Mortgagee’s Administrative Agent's request is made, and thereafter will deposit with MortgageeAdministrative Agent, on each date when an installment of principal and/or interest is due on the NoteCommitted Amount, sufficient funds (as estimated from time to time by MortgageeAdministrative Agent) to permit Mortgagee Administrative Agent to pay at least fifteen (15) days prior to the delinquency date when penalties would accrue thereonthereof, the next maturing real estate ad valorem taxes, assessments and charges and premiums for such policies of insurance. Mortgagee Administrative Agent shall have the right to rely upon tax information furnished by applicable taxing authorities in the payment of such taxes or assessments and shall have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for such purposes shall be held by Mortgagee Administrative Agent for future application use, applied to taxes and assessments any Obligations or refunded to MortgagorBorrower, at Mortgagee’s Administrative Agent's option, and any deficiency in such funds so deposited shall be made up by Mortgagor Borrower upon demand of MortgageeAdministrative Agent. All such funds so deposited shall bear no interestinterest at the rate applicable to the account selected by Administrative Agent for such funds, may be commingled mingled with the general funds of Mortgagee Administrative Agent and shall be applied by Mortgagee Administrative Agent toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to Mortgagee Administrative Agent by Mortgagor Borrower (which statements shall be presented by Mortgagor Borrower to Mortgagee Administrative Agent a reasonable time before the applicable amount is duedelinquent); provided, however, that, if a Default default shall have occurred hereunder, which remains uncured, such funds may at Mortgagee’s Administrative Agent's option be applied to the payment of the Secured Indebtedness Obligations in the order determined by Mortgagee in its sole discretionaccordance with Section 2.12 of this Agreement, and that Mortgagee Administrative Agent may (but shall have no obligation) at any time, in its discretion, apply all or any part of such funds toward the payment of any such taxes, assessments, charges or premiums which are past due, together with any penalties or late charges with respect thereto. The conveyance or transfer of Mortgagor’s Borrower's interest in the Property any Collateral for any reason (including without limitation the foreclosure of a subordinate lien or security interest or a transfer by operation of law) shall constitute an assignment or transfer of Mortgagor’s Borrower's interest in and rights to such funds held by Mortgagee Administrative Agent under this paragraph but subject to the rights of Mortgagee Administrative Agent hereunder.