Common use of Special Reserve of Tax Funds Clause in Contracts

Special Reserve of Tax Funds. Notwithstanding the foregoing, in lieu of making the deposits required by Section 6.1.1, Borrower may, by written notice to Lender, elect to maintain in the Tax Subaccount an amount equal to the amount of Property Taxes payable with respect to the Properties for a period of six months. If such an election is in effect and Lender determines that the Tax Funds in the Tax Subaccount constitute less than the amount described in the previous sentence, Lender shall notify Borrower of such determination and, commencing with the first Payment Date following Borrower’s receipt of such written notice, Borrower shall deposit into the Tax Subaccount such shortfall. Furthermore, during any period while such an election is in effect, Borrower shall not be entitled to receive any release of Tax Funds from the Tax Subaccount. Borrower may revoke the election contemplated by this Section 6.1.3 by written notice to Lender; provided, that (i) such revocation shall not take effect until the first Payment Date that is more than ten (10) Business Days after the date Lender receives such notice and (ii) on such Payment Date Borrower shall deposit into the Tax Subaccount an amount reasonably determined by Lender that, when combined with prospective deposits into the Tax Subaccount contemplated by clause (ii) of Section 6.1.1 will be sufficient funds to pay all Property Taxes with respect to the Properties prior to their respective due dates.

Special Reserve of Tax Funds. Notwithstanding the foregoing, in lieu of making the deposits required by Section 6.1.1, Borrower may, by written notice to Lender, elect to maintain in the Tax Subaccount an amount equal to the amount of Property Taxes payable with respect to the Properties for a period of six (6) months. If such an election is in effect and Lender determines that the Tax Funds in the Tax Subaccount constitute less than the amount described in the previous sentence, Lender shall notify Borrower of such determination and, commencing with the first Payment Date following Borrower’s receipt of such written notice, Borrower shall deposit into the Tax Subaccount such shortfall. Furthermore, during any period while such an election is in effect, Borrower shall not be entitled to receive any release of Tax Funds from the Tax Subaccount. Borrower may revoke the election contemplated by this Section 6.1.3 by written notice to Lender; provided, that (i) such revocation shall not take effect until the first Payment Date that is more than ten (10) Business Days after the date Lender receives such notice and (ii) on such Payment Date Borrower shall deposit into the Tax Subaccount an amount reasonably determined by Lender that, when combined with prospective deposits into the Tax Subaccount contemplated by clause (ii) of Section 6.1.1 will be sufficient funds to pay all Property Taxes with respect to the Properties prior to their respective due dates.

Special Reserve of Tax Funds. Notwithstanding the foregoing, in lieu of making the deposits required by Section 6.1.1, Borrower may, by written notice to Lender, elect to maintain in the Tax Subaccount at an amount equal to the amount of Property Taxes payable with respect to the Properties for a period of six (6) months. If such an election is in effect and Lender determines that the Tax Funds in the Tax Subaccount constitute less than the amount described in the previous sentence, Lender shall notify Borrower of such determination and, commencing with the first Payment Date following Borrower’s receipt of such written notice, Borrower shall deposit into the Tax Subaccount such shortfall. Furthermore, during any period while such an election is in effect, Borrower shall not be entitled to receive any release of Tax Funds from the Tax Subaccount. Borrower may revoke the election contemplated by this Section 6.1.3 by written notice to Lender; provided, that (ia) such revocation shall not take effect until the first Payment Date that is more than ten (10) Business Days after the date Lender receives such written notice and (iib) on such Payment Date Date, Borrower shall deposit into the Tax Subaccount an amount reasonably determined by Lender that, when combined with prospective deposits into the Tax Subaccount contemplated by clause (ii) the first sentence of Section 6.1.1 6.1.1, will be sufficient funds to pay all Property Taxes with respect to the Properties prior to their respective due dates.

Special Reserve of Tax Funds. Notwithstanding the foregoing, in lieu of making the deposits required by Section 6.1.1, Borrower may, by written notice to Lender, elect to maintain in the Tax Subaccount an amount equal to the amount of Property Taxes payable with respect to the Properties for a period of six (6) months. If such an election is in effect and Lender determines that the Tax Funds in the Tax Subaccount constitute less than the amount described in the previous sentence, Lender shall notify Borrower of such determination and, commencing with the first Payment Date following Borrower’s receipt of such written notice, Borrower shall deposit into the Tax Subaccount such shortfall. Furthermore, during any period while such an election is in effect, Borrower shall not be entitled to receive any release of Tax Funds from the Tax Subaccount. Borrower may revoke the election contemplated by this Section 6.1.3 by written notice to Lender; provided, that (i) such revocation shall not take effect until the first Payment Date that is more than ten (10) Business Days after the date Lender receives such notice and (ii) on such Payment Date Borrower shall deposit into the Tax Subaccount an amount reasonably determined by Lender that, when combined with prospective deposits into the Tax Subaccount contemplated by clause (ii) of of Section 6.1.1 will be sufficient funds to pay all Property Taxes with respect to the Properties prior to their respective due dates.

Special Reserve of Tax Funds. Notwithstanding the foregoing, in lieu of making the deposits required by Section 6.1.16.2.1, Borrower may, by written notice to Lender, elect to maintain in the Tax Subaccount Account an amount equal to the amount of Property Taxes payable with respect to the Properties for a period of six months. If such an election is in effect and Lender determines that the Tax Funds in the Tax Subaccount Account constitute less than the amount described in the previous sentence, Lender shall notify Borrower of such determination and, commencing with the first Payment Date following Borrower’s receipt of such written notice, Borrower shall deposit into the Tax Subaccount Account such shortfall. Furthermore, during any period while such an election is in effect, Borrower shall not be entitled to receive any release of Tax Funds from the Tax SubaccountAccount. Borrower may revoke the election contemplated by this Section 6.1.3 by written notice to Lender; provided, that (i) such revocation shall not take effect until the first Monthly Payment Date that is more than ten (10) Business Days after the date Lender receives such notice and (ii) on such Monthly Payment Date Borrower shall deposit into the Tax Subaccount Account an amount reasonably determined by Lender that, when combined with prospective deposits into the Tax Subaccount Account contemplated by clause (ii) of Section 6.1.1 will be sufficient funds to pay all Property Taxes with respect to the Properties prior to their respective due dates.