Common use of Reserves for Taxes Clause in Contracts

Reserves for Taxes. At the time of and in addition to the monthly installments of principal and interest due under the Notes, Borrower shall pay to Lender a sum equal to one-twelfth (1/12) of the amount estimated by Lender to be sufficient to pay at least thirty (30) days before they become due and payable all taxes, assessments and other similar charges levied against the Property (collectively, the "Taxes"). So long as no Event of Default exists hereunder, Lender shall apply the sums to pay the Taxes. These sums may be commingled with the general funds of Lender, and no interest shall be payable thereon nor shall these sums be deemed to be held in trust for the benefit of Borrower. If Lender at any time reasonably determines that such amount on deposit is insufficient to fully pay such Taxes, Borrower shall, within ten (10) days following notice from Lender, deposit such additional sum as may be reasonably required by Lender. On the Maturity Date, the moneys then remaining on deposit with Lender or its agent shall, at Lender's option, be applied against the Indebtedness or so long as no Event of Default is then continuing, be refunded to Borrower. The obligation of Borrower to pay the Taxes is not affected or modified by the provisions of this Section 3.

Reserves for Taxes. At Borrower shall pay to Lender, at the time of and in addition to the monthly installments of principal and and/or interest due under the NotesNote, Borrower shall pay to Lender a sum equal to one-twelfth (1/12) of the amount estimated by Lender to be sufficient to enable Lender to pay at least thirty (30) days before they become due and payable payable, all taxes, assessments and other similar charges levied against the Property (collectively, the "Taxes")Property. So long as no Event of Default exists hereunder, Lender shall apply the sums to pay the Taxessuch tax items. These sums may be commingled with the general funds of Lender, and no interest shall be payable thereon nor shall these sums shall not be deemed to be held in trust for the benefit of Borrower. These sums shall be deposited in an interest bearing account for the benefit of Borrower. If Lender at any time reasonably determines that such amount on deposit with Lender is insufficient to fully pay such Taxestax items, Borrower shall, within ten (10) days following notice at any time from Lender, deposit such additional sum as may be reasonably required by Lenderfor the full payment of such tax items. On Upon the Maturity Date, the moneys then remaining on deposit with Lender or its agent shall, at Lender's option, be applied against the Indebtedness or so long as no Event of Default is then continuing, be refunded to BorrowerIndebtedness. The obligation of Borrower to pay the Taxes such tax items is not affected or modified by the provisions of this Section 3paragraph.

Reserves for Taxes. At the time of and in addition to the monthly installments of principal and interest due under the Notes, Borrower shall pay to Lender a sum equal to one-twelfth (1/12) of the amount estimated by Lender to be sufficient to pay at least thirty (30) days before they become due and payable all taxes, assessments and other similar charges levied against the Property (collectively, the "Taxes"). So long as no Event of Default exists hereunder, Lender shall apply the sums to pay the Taxes. These sums may be commingled with the general funds of Lender, and no interest shall be payable thereon nor shall these sums be deemed to be held in trust for the benefit of Borrower. If Lender at any time reasonably determines that such amount on deposit is insufficient to fully pay such Taxes, Borrower shall, within ten (10) days following notice from Lender, deposit such additional sum as may be reasonably required by Lender. On the Maturity Date, the moneys then remaining on deposit with Lender or its agent shall, at Lender's option, be applied against the Indebtedness or so long as no Event of Default is then continuing, be refunded to Borrower. The obligation of Borrower to pay the Taxes is not affected or modified by the provisions of this Section 3.of