Tax and Insurance Deposits. At Lender’s option (exercisable only (i) if the Debt Service Coverage (as defined in the Loan Agreement) as to all Properties (as defined in the Loan Agreement) shall be less than 1.75 to 1.00, or (ii) there shall be an Event of Default under the Documents, or (iii) in the event that Borrower fails to timely deliver to Lender evidence of payment of Assessments or insurance premiums as required by Section 3.03(a) and Section 3.06(d), respectively), Borrower shall make monthly deposits (“Deposits”) with Lender equal to one-twelfth (1/12th) of the annual Assessments (except for income taxes, franchise taxes, ground rents, maintenance charges and utility charges) and the premiums for insurance required under Section 3.06 (the “Insurance Premiums”) together with amounts sufficient to pay these items thirty (30) days before they are due (collectively, the “Impositions”). Lender shall estimate the amount of the Deposits until ascertainable. At that time, Borrower shall promptly deposit any deficiency. Borrower shall promptly notify Lender of any changes to the amounts, schedules and instructions for payment of the Impositions. Borrower authorizes Lender or its agent to obtain the bills for Assessments directly from the appropriate tax or governmental authority. All Deposits are pledged to Lender and shall constitute additional security for the Obligations. The Deposits shall be held by Lender without interest (except to the extent required under Laws) and may be commingled with other funds. If (i) there is no Event of Default at the time of payment, (ii) Borrower has delivered bills or invoices to Lender for the Impositions in sufficient time to pay them when due, and (iii) the Deposits are sufficient to pay the Impositions or Borrower has deposited the necessary additional amount, then Lender shall pay the Impositions prior to their due date. Any Deposits remaining after payment of the Impositions shall, at Lender’s option, be credited against the Deposits required for the following year or paid to Borrower. If an Event of Default occurs, the Deposits may, at Lender’s option, be applied to the Obligations in any order of priority. Any application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium. Borrower shall not claim any credit against the principal and interest due under the Note for the Deposits. Upon an assignment or other transfer of this Instrument, Lender may pay over the Deposits in its possession to the assignee or...
Tax and Insurance Deposits. Upon the Lenders' request, or if an Event of Default has occurred, Borrower shall deposit with Agent a sum equivalent to 1 year's insurance premium on the casualty insurance policy insuring the Collateral, and shall pay to the Agent on a monthly basis an amount equivalent to 1/12 of all annual ad valorem real and personal property taxes and assessments levied against the Collateral as estimated by the Agent, in order to accumulate with the Agent sufficient funds to pay such taxes and assessments and a full year's insurance premiums 30 days prior to their due date. The Lenders shall maintain any funds so deposited in an interest bearing account (money market rates), and interest accrued on such account will be reinvested in such account but shall be considered income to Borrower for state and federal income tax and capital gains tax purposes. To the extent that funds are available for disbursement out of such account, the Lenders shall pay annual ad valorem real and personal property taxes
Tax and Insurance Deposits. 13 SECTION 3.11 ERISA...............................................................................14 SECTION 3.12 ENVIRONMENTAL REPRESENTATIONS, WARRANTIES, AND COVENANTS............................15
Tax and Insurance Deposits. At any time that Lender shall request, Borrower shall pay to Lender, on each Payment Date following such request in immediately available funds, an amount equal to one-twelfth (1/12) of the Taxes and Insurance Premiums to become due during the period commencing on the first day of the first month following such Payment Date and ending twelve (12) months following such first day. In all cases, if required by Lender, there must be paid hereunder, to be deposited with and held by Lender, an amount sufficient to pay such Taxes and Insurance Premiums, one month prior to the date when they are due and payable. The amounts of all of the foregoing deposits with respect to Taxes and Insurance Premiums (together with all interest accruing thereon from time to time, being herein collectively called "TAX AND INSURANCE DEPOSITS") shall be determined by Lender in its reasonable discretion. Borrower shall promptly, upon the demand of Lender, make additional Tax and Insurance Deposits as Lender may from time to time require due to (i) failure of Borrower to make Tax and Insurance Deposits in previous months, (ii) underestimation of the amounts of Taxes and/or Insurance Premiums, (iii) the particular due dates and amounts of Taxes and/or Insurance Premiums, or (iv) application of the Tax and Insurance Deposits pursuant to this Agreement. Borrower agrees that, upon request by Lender, Borrower shall execute and deliver a cash management agreement, in form and substance satisfactory to Lender, which shall govern the deposit and disbursement of the Tax and Insurance Deposits in accordance with the terms hereof.
Tax and Insurance Deposits. In the event of and during the continuance of any Event of Default or of failure to make payments required under Sections 2.03 and 2.07, then Mortgagee, at its option, may require that Mortgagor deposit with Mortgagee or any designee, amounts sufficient to pay Impositions and premiums for insurance and required under Section 2.03, such deposit to be on such terms and conditions as Mortgagee may reasonably designate.
Tax and Insurance Deposits. Borrower will pay to Lender, on the installment payment dates of the Note, until the Note and all other sums secured by the Mortgage are fully paid or until notification from Lender to the contrary, an amount equal to one-twelfth of the estimated annual insurance premiums, AD VALOREM PROPERTY TAXES AND ANY SPECIAL ASSESSMENTS ("IMPOUND PAYMENTS") due during the succeeding calendar year. Nothing contained herein shall cause Lender to be deemed a trustee of said funds,
Tax and Insurance Deposits. On or before the Closing Date Borrower shall (i) pay all Impositions and Premiums then due and payable and (ii) deposit with Lender an amount sufficient, when added to the Monthly Tax Deposits and Monthly Insurance Deposits to be collected prior to the dates when Impositions and Premiums next become due and payable, to pay such Impositions and Premiums. On each Scheduled Payment Date, Borrower shall deposit with Lender the Monthly Tax Deposit and the Monthly Insurance Deposit.
Tax and Insurance Deposits. To the extent required by the Mortgage, Borrower shall make or shall cause Guarantor to make deposits to pay the Impositions and insurance premiums, and such amounts shall be held and applied by Lender, in accordance with the terms of the Mortgage.
Tax and Insurance Deposits. On the date hereof, $239,770.44 of the Loan proceeds advanced to Borrower shall be deposited with Lender for deposit into the Tax and Insurance Escrow Subaccount (and shall constitute part of the Outstanding Principal Balance) and shall be pledged to Lender as additional Collateral, all as more particularly described in the Cash Management Agreement. Thereafter, on each Payment Date, Borrower shall pay to Lender, in immediately available funds for deposit into the Tax and Insurance Escrow Subaccount, an amount equal to one-twelfth (1/12) of the Taxes and Insurance Premiums to become due during the period commencing on the first day of the first month following such Payment Date and ending twelve (12) months following such first day. In all cases there must be paid hereunder, to be deposited and held in the Tax and Insurance Escrow Subaccount, an amount sufficient to pay such Taxes and Insurance Premiums, one month prior to the date when they are due
Tax and Insurance Deposits. Upon Lender’s written request, following a default under any Document, Borrower shall make monthly deposits (“Deposits”) with Lender equal to one-twelfth (1/12) of the annual Assessments (except for income taxes, franchise taxes, ground rents, maintenance charges and utility charges) and the premiums for insurance required under Section 3.06 (the “Insurance Premiums”) together with amounts sufficient to pay these items thirty (30) days before they are due (collectively, the “Impositions”). Lender shall estimate the amount of the Deposits until ascertainable. At that time, Borrower shall promptly deposit any deficiency. Borrower shall promptly notify Lender of any changes to
