Reserve (Tax and Insurance) Accounts Sample Clauses

Reserve (Tax and Insurance) Accounts. The Escrow Agent is not responsible for the payment of taxes, assessments, insurance premiums or other items, unless this Escrow Agreement expressly establishes a reserve account. If a reserve account is established, the Escrow Agent shall have no duty to pay any taxes, assessment, insurance premium or other billing for which the reserve account is established. In the event the parties fail to provide the billing information and/or there are not adequate funds in the reserve account to pay any item due, the Escrow Agent shall not be responsible for making any payment. The Escrow Agent is not responsible for the deposit, procurement, maintenance or renewal of insurance policies, riders or clauses, nor for the sufficiency thereof. The Escrow Agent is not responsible to advise the parties whether the amount to be paid into the reserve account is sufficient to pay the items to be paid through the reserve account. The parties shall promptly notify the Escrow Agent of any changes in the amount to be paid into the reserve account. Notwithstanding any other provision of this agreement, in no event shall the Escrow Agent be obligated to advance funds or payments. The Escrow Agent shall not be responsible for payment of any penalties or late fees. Escrow Agent shall not be responsible or obligated to solicit or collect past due payments. Escrow Agent is authorized to confirm receipt of deposits made into the reserve account. THE PARTIES EXPRESSLY ACKNOWLEDGE THAT THEY ARE SOLELY RESPONSIBLE TO ENSURE THAT APPLICABLE PROPERTY TAXES ARE PAID AND THAT REQUIRED INSURANCE COVERAGE IS MAINTAINED.
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Related to Reserve (Tax and Insurance) Accounts

  • Reserve Funds Section 7.1.

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • Taxes and Insurance Borrower shall pay to Lender on each Payment Date (i) one-twelfth (1/12th) of the Taxes that Lender estimates will be payable during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates and (ii) one-twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Such amounts will be transferred by Lender to a Subaccount (the “Tax and Insurance Subaccount”). Lender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.2 hereof and Section 7.1 hereof, provided that Borrower has promptly supplied Lender with notices of all Taxes and Insurance Premiums due, or (b) reimburse Borrower for such amounts upon presentation of evidence of payment; subject, however, to Borrower’s right to contest Taxes in accordance with Section 5.2 hereof. In making any payment relating to Taxes and Insurance Premiums, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), 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 Lender determines in its reasonable judgment that the funds in the Tax and Insurance Subaccount will be insufficient to pay (or in excess of) the Taxes or Insurance Premiums next coming due, Lender may increase (or decrease) the monthly contribution required to be made by Borrower to the Tax and Insurance Subaccount.

  • Foreign Account Tax Compliance Act A. To the extent the Reinsurer is subject to the deduction and withholding of premium payable hereon as set forth in the Foreign Account Tax Compliance Act (Sections 1471-1474 of the Internal Revenue Code), the Reinsurer shall pay or allow such deduction and withholding from the premium payable under this Contract.

  • Deposit Accounts Neither Borrower nor any Subsidiary shall maintain any Deposit Accounts, or accounts holding Investment Property, except with respect to which Lender has an Account Control Agreement.

  • BONDS AND INSURANCE 10.1 The Contractor shall provide performance and payment bonds on forms prescribed by Owner and in accordance with the requirements set forth in the UTUGCs. The penal sum of the payment and performance bonds shall be equal to the Contract Sum.

  • CUSTODIAL ACCOUNTS It is agreed that all accounts opened under the Uniform Gift to Minors Act (UGMA), the Uniform Transfers to Minors Act (UTMA), or similar state statutes will be properly created and that all property so transferred will be done in compliance with such applicable statutes. There will be good faith reliance upon the instructions given, representations made and actions taken by a transferor or custodian. Further, the custodian represents and warrants that the assets in the account belong to the minor and that all such assets, whether or not transferred out of the UGMA or UTMA account, will only be used for the benefit of the minor.

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