Right to Make Advances. If Borrower shall fail to pay any Taxes or insurance premiums in accordance with this Article and is not contesting such charges in accordance with the terms hereof, then Lender or Trustee shall have the right, but not the obligation, to advance such Taxes or insurance premium. Borrower shall repay Lender or Trustee, as the case may be, on demand, any amount so advanced by Lender or Trustee, as the case may be, with interest thereon at the Default Rate from the date of the advance to the date of repayment.
Appears in 3 contracts
Samples: Multifamily Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Wilshire Oil Co of Texas), Multifamily Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Wilshire Oil Co of Texas), Multifamily Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Wilshire Oil Co of Texas)
Right to Make Advances. If Borrower shall fail to pay any Taxes or insurance premiums in accordance with this Article and is not contesting such charges in accordance with the terms hereof, then Lender or Trustee shall have the right, but not the obligation, to advance such Taxes or insurance premium. Borrower shall repay Lender or Trustee, as the case may beLender, on demand, any amount so advanced by Lender or Trustee, as the case may beLender, with interest thereon at the Default Rate from the date of the advance to the date of repayment.
Appears in 1 contract
