Common use of Reserves for Taxes and Insurance Premiums Clause in Contracts

Reserves for Taxes and Insurance Premiums. At any time after the occurrence of an Event of Default and if required by Beneficiary, Trustor shall pay Beneficiary or such depository as Beneficiary may designate on a monthly basis, in addition to the installments payable under the Notes, on the same date as such installments are due and payable, a sum equal to one-twelfth (1/12) of annual taxes, assessments, levies, fees, charges and insurance premiums required to be paid by Trustor hereunder. If the amount so paid is not sufficient to pay such taxes, assessments, levies, fees, charges and premiums when due, then Trustor will immediately pay Beneficiary or such depository, as the case may be, on demand, amounts sufficient to pay the same. Sums deposited by Trustor pursuant hereto may be used to pay such taxes, assessments, levies, fees, charges and insurance premiums when due provided that Trustor has furnished Beneficiary with all tax statements, premium notices and other such notices at least 30 days prior to the date that any such taxes, assessments, levies, fees, charges or premiums may be due; provided, however, that Beneficiary may elect to apply the funds deposited with it or such depository in such manner as Beneficiary may deem desirable, in its sole and absolute discretion. Nothing herein shall impose on Beneficiary or such depository the obligation to pay any amount on account of taxes, assessments, levies, fees, charges or premiums in excess of the amount then deposited with Beneficiary or such depository pursuant hereto. Beneficiary and any depository may commingle funds deposited hereunder with their general funds and no interest shall accrue or be allowed on any payments made pursuant to this section. Payments or deposits pursuant to this section, if made, shall not be deemed to be a waiver or release of any other right or remedy available hereunder to Beneficiary in an Event of Default. Transfer of title to the Property shall automatically transfer the interest of the then Trustor in any deposits made pursuant to this section.

Reserves for Taxes and Insurance Premiums. At any time after Upon the occurrence of an any Event of Default and if required by BeneficiaryDefault, Trustor Mortgagor shall pay Beneficiary or such depository as Beneficiary may designate on a monthly basisto Mortgagee, upon the request of Mortgagee, installments of principal and interest, and in addition thereto, installments of the taxes and assessments levied or to be levied upon the Mortgaged Premises, and installments payable under of the Notes, on the same date as such installments are premiums that will become due and payablepayable to renew the insurance hereinafter provided, a sum equal to one-twelfth (1/12) of annual taxes, assessments, levies, fees, charges and insurance premiums required said installments to be substantially equal and to be in such amount as will assure to Mortgagee that not less than 30 days before the time when such taxes and premiums, respectively, become due Mortgagor will have paid by Trustor hereunder. If the to Mortgagee a sufficient amount so paid is not sufficient to pay such taxes, assessments, levies, fees, charges and premiums when due, then Trustor will immediately pay Beneficiary or such depository, as the case may be, on demand, amounts sufficient to pay the samesame in full. Sums deposited by Trustor pursuant hereto may Said amounts paid to Mortgagee hereunder need not be used to pay such taxessegregated nor kept in a separate fund, assessments, levies, fees, charges and insurance premiums when due provided that Trustor has furnished Beneficiary with all tax statements, premium notices and other such notices at least 30 days prior to the date that any such taxes, assessments, levies, fees, charges or premiums may be due; provided, however, that Beneficiary may elect to apply the funds deposited with it or such depository in such manner as Beneficiary may deem desirable, in its sole and absolute discretion. Nothing herein shall impose on Beneficiary or such depository the obligation to pay any amount on account of taxes, assessments, levies, fees, charges or premiums in excess of the amount then deposited with Beneficiary or such depository pursuant hereto. Beneficiary and any depository may commingle funds deposited hereunder with their general funds and no interest shall accrue be payable thereon. Said amounts shall be held by Mortgagee as additional security for the Mortgage Indebtedness and, except as provided in the following sentence, be applied to the payment of said taxes and assessments when the same become due and payable. Mortgagee may, at its option, but without any obligation on its part so to do, apply said amounts upon said taxes and assessments or be allowed on insurance premiums or toward the payment of the Mortgage Indebtedness or any payments made pursuant portion thereof, whether or not then due or payable. The Mortgagee shall endeavor to this section. Payments or deposits pursuant notify the MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FINANCING STATEMENT (FIXTURE FILING) Mortgagor of how such amounts were applied, provided that the failure to this section, if made, give such notice shall not affect Mortgagee's rights under this Mortgage. Upon an assignment of the Mortgage, Mortgagee shall have the right to pay over the balance of such deposits in its possession to the assignee and Mortgagee shall thereupon be deemed completely released from all liability with respect to such deposits and Mortgagor or owner of the Mortgaged Premises shall look solely to the assignee or transferee in reference thereto. This provision shall apply to every transfer of such deposits to a new assignee. Upon full payment and satisfaction of the Mortgage Indebtedness or at any prior time upon the election of Mortgagee, the balance of the unapplied deposits in its possession shall be a waiver or release paid over to the record owner of the Mortgaged Premises and no other party shall have any other right or remedy available hereunder to Beneficiary claim thereto in an Event any event, provided that in the event of Default. Transfer of title to the Property shall automatically transfer the interest a foreclosure of the then Trustor in any Mortgaged Premises, the purchaser at such foreclosure shall have the right to receive such unapplied deposits. The Mortgagor agrees, at Mortgagee's request, to deliver the aforesaid deposits made pursuant to this sectionsuch service or financial institution as Mortgagee shall from time to time designate.

Reserves for Taxes and Insurance Premiums. At any time after Upon the occurrence of an any Event of Default and if required by BeneficiaryDefault, Trustor Mortgagor shall pay Beneficiary to Mortgagee upon the request of Mortgagee, installments of the taxes and assessments levied or such depository as Beneficiary may designate on a monthly basisto be levied upon the Mortgaged Premises, in addition to and installments of the installments payable under the Notes, on the same date as such installments are premiums that will become due and payablepayable to renew the insurance hereinafter provided, a sum equal to one-twelfth (1/12) of annual taxes, assessments, levies, fees, charges and insurance premiums required said installments to be substantially equal and to be in such amount as will assure to Mortgagee that not less than 30 days before the time when such taxes and premiums, respectively, become due Mortgagor will have paid by Trustor hereunder. If the to Mortgagee a sufficient amount so paid is not sufficient to pay such taxes, assessments, levies, fees, charges and premiums when due, then Trustor will immediately pay Beneficiary or such depository, as the case may be, on demand, amounts sufficient to pay the samesame in full. Sums deposited by Trustor pursuant hereto may Said amounts paid to Mortgagee hereunder need not be used to pay such taxessegregated nor kept in a separate fund, assessments, levies, fees, charges and insurance premiums when due provided that Trustor has furnished Beneficiary with all tax statements, premium notices and other such notices at least 30 days prior to the date that any such taxes, assessments, levies, fees, charges or premiums may be due; provided, however, that Beneficiary may elect to apply the funds deposited with it or such depository in such manner as Beneficiary may deem desirable, in its sole and absolute discretion. Nothing herein shall impose on Beneficiary or such depository the obligation to pay any amount on account of taxes, assessments, levies, fees, charges or premiums in excess of the amount then deposited with Beneficiary or such depository pursuant hereto. Beneficiary and any depository may commingle funds deposited hereunder with their general funds and no interest shall accrue be payable thereon. Said amounts shall be held by Mortgagee as additional security for the Mortgage Indebtedness and, except as provided in the following sentence, be applied to the payment of said taxes and assessments when the same become due and payable. Mortgagee may, at its option, but without any obligation on its part so to do, apply said amounts upon said taxes and assessments or be allowed on insurance premiums or toward the payment of the Mortgage Indebtedness or any payments made pursuant portion thereof, whether or not then due or payable. The Mortgagee shall endeavor to this section. Payments or deposits pursuant notify the Mortgagor of how such amounts were applied, provided however that the failure to this section, if made, give such notice shall not affect Mortgagee's rights under this Mortgage. MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS Upon an assignment of the Mortgage, Mortgagee shall have the right to pay over the balance of such deposits in its possession to the assignee and Mortgagee shall thereupon be deemed completely released from all liability with respect to such deposits and Mortgagor or owner of the Mortgaged Premises shall look solely to the assignee or transferee in reference thereto. This provision shall apply to every transfer of such deposits to a new assignee. Upon full payment and satisfaction of the Mortgage Indebtedness or at any prior time upon the election of Mortgagee, the balance of the unapplied deposits in its possession shall be a waiver or release paid over to the record owner of the Mortgaged Premises and no other party shall have any other right or remedy available hereunder to Beneficiary claim thereto in an Event any event, provided that in the event of Default. Transfer of title to the Property shall automatically transfer the interest a foreclosure of the then Trustor in any Mortgaged Premises, the purchaser at such foreclosure shall have the right to receive such unapplied deposits. The Mortgagor agrees, at Mortgagee's request, to deliver the aforesaid deposits made pursuant to this sectionsuch service or financial institution as Mortgagee shall from time to time designate.

Reserves for Taxes and Insurance Premiums. At any time after Upon the occurrence of an any Event of Default and if required by BeneficiaryDefault, Trustor Mortgagor shall pay Beneficiary or such depository as Beneficiary may designate on a monthly basisto Mortgagee upon the request of Mortgagee, installments of principal and interest, and in addition thereto, installments of the taxes and assessments levied or to be levied upon the Mortgaged Premises, and installments of the premiums that will become OPEN-END MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS due and payable to renew the insurance hereinafter provided, said installments to be substantially equal and to be in such amount as will assure to Mortgagee that not less than 30 days before the time when such taxes and premiums, respectively, become due Mortgagor will have paid to Mortgagee a sufficient amount to pay the same in full. Said amounts paid to Mortgagee hereunder need not be segregated nor kept in a separate fund, and no interest shall be payable thereon. Said amounts shall be held by Mortgagee as additional security for the Mortgage Indebtedness and, except as provided in the following sentence, be applied to the installments payable under the Notes, on payment of said taxes and assessments when the same date as such installments are become due and payable. Mortgagee may, a sum equal at its option, but without any obligation on its part so to one-twelfth (1/12) of annual taxesdo, assessments, levies, fees, charges apply said amounts upon said taxes and assessments or insurance premiums required or toward the payment of the Mortgage Indebtedness or any portion thereof, whether or not then due or payable. The Mortgagee shall endeavor to be paid by Trustor hereunder. If notify the amount so paid is not sufficient to pay Mortgagor of how such taxesamounts were applied, assessments, levies, fees, charges and premiums when due, then Trustor will immediately pay Beneficiary or such depository, as the case may be, on demand, amounts sufficient to pay the same. Sums deposited by Trustor pursuant hereto may be used to pay such taxes, assessments, levies, fees, charges and insurance premiums when due provided that Trustor has furnished Beneficiary with all tax statements, premium notices and other such notices at least 30 days prior to the date that any such taxes, assessments, levies, fees, charges or premiums may be due; provided, however, that Beneficiary may elect the failure to apply give such notice shall not affect Mortgagee's rights under this Mortgage. Upon an assignment of the funds deposited with it or Mortgage, Mortgagee shall have the right to pay over the balance of such depository in such manner as Beneficiary may deem desirable, deposits in its sole possession to the assignee and absolute discretion. Nothing herein Mortgagee shall impose on Beneficiary thereupon be completely released from all liability with respect to such deposits and Mortgagor or such depository the obligation to pay any amount on account of taxes, assessments, levies, fees, charges or premiums in excess owner of the amount then deposited with Beneficiary Mortgaged Premises shall look solely to the assignee or transferee in reference thereto. This provision shall apply to every transfer of such depository pursuant heretodeposits to a new assignee. Beneficiary Upon full payment and satisfaction of the Mortgage Indebtedness or at any depository may commingle funds deposited hereunder with their general funds prior time upon the election of Mortgagee, the balance of the unapplied deposits in its possession shall be paid over to the record owner of the Mortgaged Premises and no interest other party shall accrue or be allowed on have any payments made pursuant to this section. Payments or deposits pursuant to this section, if made, shall not be deemed to be a waiver or release of any other right or remedy available hereunder to Beneficiary claim thereto in an Event any event, provided that in the event of Default. Transfer of title to the Property shall automatically transfer the interest a foreclosure of the then Trustor in any Mortgaged Premises, the purchaser at such foreclosure shall have the right to receive such unapplied deposits. The Mortgagor agrees, at Mortgagee's request, to deliver the aforesaid deposits made pursuant to this sectionsuch service or financial institution as Mortgagee shall from time to time designate.

Reserves for Taxes and Insurance Premiums. At any time after Upon the occurrence of an any Event of Default and if required by BeneficiaryDefault, Trustor Mortgagor shall pay Beneficiary or such depository as Beneficiary may designate on a monthly basisto Mortgagee upon the request of Mortgagee, installments of principal and interest, and in addition thereto, installments of the taxes and assessments levied or to be levied upon the Mortgaged Premises, and installments payable under of the Notes, on the same date as such installments are premiums that will become due and payablepayable to renew the insurance hereinafter provided, a sum equal to one-twelfth (1/12) of annual taxes, assessments, levies, fees, charges and insurance premiums required said installments to be substantially equal and to be in such amount as will assure to Mortgagee that not less than 30 days before the time when such taxes and premiums, respectively, become due Mortgagor will have paid by Trustor hereunder. If the to Mortgagee a sufficient amount so paid is not sufficient to pay such taxes, assessments, levies, fees, charges and premiums when due, then Trustor will immediately pay Beneficiary or such depository, as the case may be, on demand, amounts sufficient to pay the samesame in full. Sums deposited by Trustor pursuant hereto may Said amounts paid to Mortgagee hereunder need not be used to pay such taxessegregated nor kept in a separate fund, assessments, levies, fees, charges and insurance premiums when due provided that Trustor has furnished Beneficiary with all tax statements, premium notices and other such notices at least 30 days prior to the date that any such taxes, assessments, levies, fees, charges or premiums may be due; provided, however, that Beneficiary may elect to apply the funds deposited with it or such depository in such manner as Beneficiary may deem desirable, in its sole and absolute discretion. Nothing herein shall impose on Beneficiary or such depository the obligation to pay any amount on account of taxes, assessments, levies, fees, charges or premiums in excess of the amount then deposited with Beneficiary or such depository pursuant hereto. Beneficiary and any depository may commingle funds deposited hereunder with their general funds and no interest shall accrue be payable thereon. Said amounts shall be held by Mortgagee as additional security for the Mortgage Indebtedness and, except as provided in the following sentence, be applied to the payment of said taxes and assessments when the same become due and payable. Mortgagee may, at its option, but without any obligation on its part so to do, apply said amounts upon said taxes and assessments or be allowed on insurance premiums or toward the payment of the Mortgage Indebtedness or any payments made pursuant OPEN-END MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS portion thereof, whether or not then due or payable. The Mortgagee shall endeavor to this section. Payments or deposits pursuant notify the Mortgagor of how such amounts were applied, provided however that the failure to this section, if made, give such notice shall not affect Mortgagee's rights under this Mortgage. Upon an assignment of the Mortgage, Mortgagee shall have the right to pay over the balance of such deposits in its possession to the assignee and Mortgagee shall thereupon be deemed completely released from all liability with respect to such deposits and Mortgagor or owner of the Mortgaged Premises shall look solely to the assignee or transferee in reference thereto. This provision shall apply to every transfer of such deposits to a new assignee. Upon full payment and satisfaction of the Mortgage Indebtedness or at any prior time upon the election of Mortgagee, the balance of the unapplied deposits in its possession shall be a waiver or release paid over to the record owner of the Mortgaged Premises and no other party shall have any other right or remedy available hereunder to Beneficiary claim thereto in an Event any event, provided that in the event of Default. Transfer of title to the Property shall automatically transfer the interest a foreclosure of the then Trustor in any Mortgaged Premises, the purchaser at such foreclosure shall have the right to receive such unapplied deposits. The Mortgagor agrees, at Mortgagee's request, to deliver the aforesaid deposits made pursuant to this sectionsuch service or financial institution as Mortgagee shall from time to time designate.

Reserves for Taxes and Insurance Premiums. At any time after Upon the occurrence of an any Event of Default and if required by BeneficiaryDefault, Trustor Mortgagor shall pay Beneficiary to Mortgagee upon the request of Mortgagee, installments of the taxes and assessments levied or such depository as Beneficiary may designate on a monthly basisto be levied upon the Mortgaged Premises, in addition to and installments of the installments payable under the Notes, on the same date as such installments are premiums that will become due and payablepayable to renew the insurance hereinafter provided, a sum equal to one-twelfth (1/12) of annual taxes, assessments, levies, fees, charges and insurance premiums required said installments to be substantially equal and to be in such amount as will assure to Mortgagee that not less than 30 days before the time when such taxes and premiums, respectively, become due Mortgagor will have paid by Trustor hereunder. If the to Mortgagee a sufficient amount so paid is not sufficient to pay such taxes, assessments, levies, fees, charges and premiums when due, then Trustor will immediately pay Beneficiary or such depository, as the case may be, on demand, amounts sufficient to pay the samesame in full. Sums deposited by Trustor pursuant hereto may Said amounts paid to Mortgagee hereunder need not be used to pay such taxessegregated nor kept in a separate fund, assessments, levies, fees, charges and insurance premiums when due provided that Trustor has furnished Beneficiary with all tax statements, premium notices and other such notices at least 30 days prior to the date that any such taxes, assessments, levies, fees, charges or premiums may be due; provided, however, that Beneficiary may elect to apply the funds deposited with it or such depository in such manner as Beneficiary may deem desirable, in its sole and absolute discretion. Nothing herein shall impose on Beneficiary or such depository the obligation to pay any amount on account of taxes, assessments, levies, fees, charges or premiums in excess of the amount then deposited with Beneficiary or such depository pursuant hereto. Beneficiary and any depository may commingle funds deposited hereunder with their general funds and no interest shall accrue be payable thereon. Said amounts shall be held by Mortgagee as additional security for the Mortgage Indebtedness and, except as provided in the following sentence, be applied to the payment of said taxes and assessments when the same become due and payable. Mortgagee may, at its option, but without any obligation on its part so to do, apply said amounts upon said taxes and assessments or be allowed on insurance premiums or toward the payment of the Mortgage Indebtedness or any payments made pursuant portion thereof, whether or not then due or payable. The Mortgagee shall endeavor to this section. Payments or deposits pursuant notify the Mortgagor of how such amounts were applied, provided however that the failure to this section, if made, give such notice shall not affect Mortgagee's rights under this Mortgage. Upon an assignment of the Mortgage, Mortgagee shall have the right to pay over the balance of such deposits in its possession to the assignee and Mortgagee shall thereupon be deemed completely released from all liability with respect to such deposits and Mortgagor or owner of the Mortgaged Premises shall look solely to the assignee or transferee in reference thereto. This provision shall apply to every transfer of such deposits to a new assignee. Upon full payment and satisfaction of the Mortgage Indebtedness or at any prior time upon the election of MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS Mortgagee, the balance of the unapplied deposits in its possession shall be a waiver or release paid over to the record owner of the Mortgaged Premises and no other party shall have any other right or remedy available hereunder to Beneficiary claim thereto in an Event any event, provided that in the event of Default. Transfer of title to the Property shall automatically transfer the interest a foreclosure of the then Trustor in any Mortgaged Premises, the purchaser at such foreclosure shall have the right to receive such unapplied deposits. The Mortgagor agrees, at Mortgagee's request, to deliver the aforesaid deposits made pursuant to this sectionsuch service or financial institution as Mortgagee shall from time to time designate.

Reserves for Taxes and Insurance Premiums. At any time after Upon the occurrence of an any Event of Default and if required by BeneficiaryDefault, Trustor Mortgagor shall pay Beneficiary to Mortgagee upon the request of Mortgagee, installments of the taxes and assessments levied or such depository as Beneficiary may designate on a monthly basisto be levied upon the Mortgaged Premises, in addition to and installments of the installments payable under the Notes, on the same date as such installments are premiums that will become due and payablepayable to renew the insurance hereinafter provided, a sum equal to one-twelfth (1/12) of annual taxes, assessments, levies, fees, charges and insurance premiums required said installments to be substantially equal and to be in such amount as will assure to Mortgagee that not less than 30 days before the time when such taxes and premiums, respectively, become due Mortgagor will have paid by Trustor hereunder. If the to Mortgagee a sufficient amount so paid is not sufficient to pay such taxes, assessments, levies, fees, charges and premiums when due, then Trustor will immediately pay Beneficiary or such depository, as the case may be, on demand, amounts sufficient to pay the samesame in full. Sums deposited by Trustor pursuant hereto may Said amounts paid to Mortgagee hereunder need not be used to pay such taxessegregated nor kept in a separate fund, assessments, levies, fees, charges and insurance premiums when due provided that Trustor has furnished Beneficiary with all tax statements, premium notices and other such notices at least 30 days prior to the date that any such taxes, assessments, levies, fees, charges or premiums may be due; provided, however, that Beneficiary may elect to apply the funds deposited with it or such depository in such manner as Beneficiary may deem desirable, in its sole and absolute discretion. Nothing herein shall impose on Beneficiary or such depository the obligation to pay any amount on account of taxes, assessments, levies, fees, charges or premiums in excess of the amount then deposited with Beneficiary or such depository pursuant hereto. Beneficiary and any depository may commingle funds deposited hereunder with their general funds and no interest shall accrue be payable thereon. Said amounts shall be held by Mortgagee as additional security for the Mortgage Indebtedness and, except as provided in the following sentence, be applied to the payment of said taxes and assessments when the same become due and payable. Mortgagee may, at its option, but without any obligation on its part so to do, apply said amounts upon said taxes and assessments or be allowed on insurance premiums or toward the payment of the Mortgage Indebtedness or any payments made pursuant portion thereof, whether or not then due or payable. The Mortgagee shall endeavor to this section. Payments or deposits pursuant notify the Mortgagor of how such amounts were applied, provided however that the failure to this section, if made, give such notice shall not be deemed affect Mortgagee's rights under this Mortgage. Upon an assignment of the Mortgage, Mortgagee shall have the right to be a waiver or release pay over the balance of any other right or remedy available hereunder to Beneficiary such deposits in an Event of Default. Transfer of title its possession to the Property assignee and Mortgagee shall automatically transfer the interest thereupon be completely released from all liability with respect to such deposits and Mortgagor or owner of the then Trustor Mortgaged Premises shall look solely to the assignee or transferee in reference thereto. This provision shall apply to every transfer of such deposits to a new assignee. Upon full payment and satisfaction of the Mortgage Indebtedness or at any deposits made pursuant to this section.prior time upon the election of MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS