Common use of Tax and Insurance Account Clause in Contracts

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 Break-even 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 equally between the General Partner and the Limited Partner. The Partnership is required to Section 11.2pay real estate taxes on February 2 of each year.

Tax and Insurance Account. The General Partner, on behalf of the Partnership, shall open establish 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 Break-even 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 Withdrawals from such account shall require the joint signature of the Special Limited Partner be made only for any withdrawalsits intended purpose. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed pursuant to Section 11.2equally 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 General Partner and 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 80% to Section 11.2the General Partner and 20% to the Limited Partner. The Partnership is required to pay real estate taxes on July 1st of each year.