Tax and Insurance Account. The General Partner, on behalf of the Partnership, shall establish a tax and insurance account ("T & I Account") for the purpose of making the requisite Insurance premium payments and the real estate tax payments. The annual deposit to the T & I Account shall equal the total annual Insurance payment and the total annual real estate tax payment. Said amount shall be deposited monthly in equal installments. Withdrawals from such account shall be made only for its intended purpose. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed equally between the General Partner and the Limited Partner.
Tax and Insurance Account. The General Partner, on behalf of the Partnership, shall open a tax and insurance account (the "T & I Account") for the purpose of making the requisite Insurance premium payments and the real estate tax payments. The annual deposit to the T & I Account shall equal the total annual Insurance payment and the total annual real estate tax payment. Said amount shall be deposited monthly in an amount equal to 1/12th of the annual required amount. Notwithstanding the foregoing, as part of its obligation to achieve Breakeven Operations, the General Partner shall cause the Partnership to prefund the T & I Account in an amount equal to one year's property insurance premium and the next full installment of real estate taxes based on improved land. The T & I Account shall require the joint signature of the Special Limited Partner for any withdrawals. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed pursuant to Section 11.2.
Tax and Insurance Account. The General Partner, on behalf of the Partnership, shall open a tax and insurance account (the "T & I Account") for the purpose of making the requisite Insurance premium payments and the real estate tax payments. The annual deposit to the T & I Account shall equal the total annual Insurance payment and the total annual real estate tax payment. Said amount shall be deposited monthly in an amount equal to 1/12th of the annual required amount. Notwithstanding the foregoing, as part of its obligation to achieve Breakeven Operations, the General Partner shall cause the Partnership to prefund the T & I Account in an amount equal to one year's property insurance premium and the next full installment of real estate taxes based on improved land. The T & I Account shall require the joint signature of the Special Limited Partner for any withdrawals. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed equally between the General Partner and the Limited Partner. The Partnership is required to pay real estate taxes on March 1 and September 1 of each year.
Tax and Insurance Account. The General Partner, on behalf of the Partnership, shall open a tax and insurance account (the "T & I Account") for the purpose of making the requisite Insurance premium payments and the real estate tax payments. The annual deposit of the Partnership to the T & I Account shall equal the total annual Insurance payment and the total annual real estate tax payment. Said amount shall be deposited monthly in an amount equal to 1/12th of the annual required amount. Notwithstanding the foregoing, as part of its obligation to achieve Breakeven Operations, the General Partner shall cause the Partnership to prefund the T & I Account in an amount equal to one year's property insurance premium and the next full installment of real estate taxes based on improved land. Except with respect to a sale of the Project to the General Partner or its designee, any balance remaining in the account at the time of a sale of the Project shall be allocated and distributed equally between the General Partner and the Limited Partner. Any amount remaining after the mandatory Compliance Period and upon repurchase of the Limited Partner Interests shall be transferred to the General Partner or its designee with the Partnership and shall not be included as part of equity. The Partnership is required to pay real estate taxes each year within 30 days after receipt of notice thereof from government entity assessing such real estate taxes.
Tax and Insurance Account. The General Partner, on behalf of the Partnership, shall open a tax and insurance account ("T & I Account") for the purpose of making the requisite Insurance premium payments and the real estate tax payments. The annual deposit to the T & I Account shall equal the total annual Insurance payment and the total annual real estate tax payment. Said amount shall be deposited monthly in an amount equal to 1/12th of the annual required amount. Insurance payments will be paid monthly from the operating account The T & I Account shall require the joint signature of the Special Limited Partner for any withdrawals. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed equally between the General Partner and the Limited Partner. The Partnership is required to pay Real Estate Taxes on a quarterly or yearly basis with the first quarterly payment due on August 20th of each year.
Tax and Insurance Account. The General Partner, on behalf of the Partnership, shall open a tax and insurance account (the "T & I Account") for the purpose of making the requisite Insurance premium payments and the real estate tax payments. A deposit equal to six months of taxes shall be deposited upon the execution of this Agreement. Thereafter, the annual deposit to the T & I Account shall equal the total annual Insurance payment and the total annual real estate tax payment. Said amount shall be deposited monthly in an amount equal to 1/12th of the annual required amount. Notwithstanding the foregoing, as part of its obligation to achieve Breakeven Operations, the General Partner shall cause the Partnership to prefund the T & I Account in an amount equal to one year's property insurance premium and the next full installment of real estate taxes based on improved land. The T & I Account shall require the joint signature of the Special Limited Partner for any withdrawals. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed 75% to the General Partner and 25% to the Limited Partner. The Partnership is required to pay real estate taxes on May 15th and October 15th of each year.
Tax and Insurance Account. The Administrative General Partner, on behalf of the Partnership, shall open a tax and insurance account (the “T & I Account”) to be held by Citibank, N.A. for the purpose of making the requisite Insurance premium payments and the real estate tax payments, if any. The annual deposit to the T & I Account shall equal the total annual Insurance payment and the total annual real estate tax payment, if any. Said amount shall be deposited monthly in an amount equal to 1/12th of the annual required amount. Notwithstanding the foregoing, as part of its obligation to achieve Breakeven Operations, the Administrative General Partner shall cause the Partnership to prefund the T & I Account in an amount equal to one year’s property insurance premium and the next full installment of real estate taxes, if any, based on improved land. The T & I Account shall require the joint signature of the Special Limited Partner for any withdrawals. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed pursuant to Section 11.2 hereof.
Tax and Insurance Account. The Managing Member, on behalf of the Company, may establish a tax and insurance account ("T & I Account") for the purpose of making the requisite Insurance premium payments and the real estate tax payments. The annual deposit to the T & I Account shall equal the total annual Insurance payment and the total annual real estate tax payment. Said amount shall be deposited monthly in equal installments. Withdrawals from such account shall be made only for its intended purpose. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed equally between the Managing Member and the Investor Member.
Tax and Insurance Account. If required pursuant to Section 9.12(aa), the General Partner, on behalf of the Partnership, shall establish a tax and insurance account ("T & I Account") for the purpose of making the requisite Insurance premium payments and the real estate tax payments. If such an account is established, the annual deposit to the T & I Account shall equal the total annual Insurance payment and the total annual real estate tax payment. Said amount shall be deposited monthly in an amount equal to 1/12th of the annual required amount. Withdrawals from such account shall be made only for its intended purpose. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed 75% to the General Partners (in accordance with the General Partners Interests) and 25% to the Limited Partner.
Tax and Insurance Account. The General Partner, on behalf of the Partnership, shall open a tax and insurance account (the "T & I Account") for the purpose of making the requisite Insurance premium payments and the real estate tax payments. The annual deposit to the T & I Account shall equal the total annual Insurance payment and the total annual real estate tax payment. Said amount shall be deposited monthly in an amount equal to 1/12th of the annual required amount. Notwithstanding the foregoing, as part of its obligation to achieve Breakeven Operations, the General Partner shall cause the Partnership to prefund the T & I Account in an amount equal to one year's property insurance premium and the next full semiannual installment of real estate taxes based on improved land. The written consent of the Special Limited Partner shall be required for any withdrawals from the T & I Account made by the Partnership. If the T & I Account is held and disbursed by MHFA, the Partnership shall provide written notice of any disbursement to the Special Limited Partner. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed in accordance with Section 11.2. The Partnership is required to pay real estate taxes on May 15 and October 15 of each year.
