Common use of Tax and Insurance Escrow Account Clause in Contracts

Tax and Insurance Escrow Account. In the event Tenant fails to timely pay any tax, assessment, imposition or charge required to be paid by Tenant pursuant to Section 8.1, Landlord shall have the right, by written notice to Tenant effective as of the date of such notice, to require Tenant to pay or cause to be paid into a separate account (the "Tax and Insurance Account") to be established by Tenant with a lending institution designated by Landlord (which Tax and Insurance Account shall not be removed from such lending institution without the express prior approval of Landlord), and which Landlord may draw upon, a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 and Article 9 hereof (other than worker's compensation insurance premiums) with respect to real estate taxes and insurance premiums for the applicable Fiscal Year as and when they become due (such amounts, the "Tax and Insurance Escrow Amount"). During each month commencing with the first full calendar month following the receipt of said notice from Landlord, Tenant shall deposit into the Tax and Insurance Account one twelfth of the Tax and Insurance Escrow Amount so that as each installment of insurance premiums and real estate taxes becomes due and payable, there are sufficient funds in the Tax and Insurance Account to pay the same. If the amount of such insurance premiums and real estate taxes has not been definitively ascertained by Tenant at the time when any such monthly deposit is to be paid, Landlord shall require payment of the Tax and Insurance Escrow Amount based upon the amount of premiums and real estate taxes paid for the preceding year, subject to adjustment as and when the amount of such premiums and real estate taxes are ascertained by Tenant. The Tax and Insurance Escrow Amount in the Tax and Insurance Account shall be and constitute additional security for the performance of Tenant's obligations hereunder and shall be subject to Landlord's security interest therein and shall, if there are sufficient funds in escrow, be used to pay taxes and insurance premiums when due. Landlord and Tenant shall execute such documentation as may be necessary to create and maintain Landlord's security interest in the Tax and Insurance Account.

Tax and Insurance Escrow Account. On the date hereof, there is $5,718,389.69 currently on deposit in the Tax and Insurance Escrow Account. On each Payment Date beginning on the first (1st) Payment Date after the date hereof, Borrower will deposit with Lender an amount equal to one twelfth of the Taxes that Lender estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates and (b) one twelfth of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof (or in the case of a blanket policy, one twelfth of the portion of the Insurance Premiums under such blanket policy that Lender determines are allocable to the Property) in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums (or in the case of a blanket policy, the portion thereof determined by Lender to be allocable to the Property) at least thirty (30) days prior to the expiration of the Policies. All such amounts so deposited shall hereinafter be referred to as the “Tax and Insurance Escrow Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Tax and Insurance Escrow Account.” The Tax and Insurance Escrow Fund and the payment of the monthly Debt Service, shall be added together and shall be paid as an aggregate sum by Borrower to Lender. Lender will apply the Tax and Insurance Escrow Fund to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.1.2 and under the Security Instrument. In making any payment relating to the event Tenant fails Tax and Insurance Escrow Fund, Lender may do so according to timely pay any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, imposition sale, forfeiture, tax lien or charge required to be paid by Tenant pursuant to Section 8.1, Landlord shall have title or claim thereof. If the right, by written notice to Tenant effective as of the date of such notice, to require Tenant to pay or cause to be paid into a separate account (the "Tax and Insurance Account") to be established by Tenant with a lending institution designated by Landlord (which Tax and Insurance Account shall not be removed from such lending institution without the express prior approval of Landlord), and which Landlord may draw upon, a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 and Article 9 hereof (other than worker's compensation insurance premiums) with respect to real estate taxes and insurance premiums for the applicable Fiscal Year as and when they become due (such amounts, the "Tax and Insurance Escrow Amount"). During each month commencing with the first full calendar month following the receipt of said notice from Landlord, Tenant shall deposit into the Tax and Insurance Account one twelfth of the Tax and Insurance Escrow Amount so that as each installment of insurance premiums Fund shall exceed the amounts due for Taxes and real estate taxes becomes due Insurance Premiums pursuant to Section 5.1.2, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax and payable, there are sufficient funds Insurance Escrow Fund. Any amount remaining in the Tax and Insurance Account Escrow Fund after the Debt has been paid in full shall be returned to pay Borrower. In allocating such excess, Lender may deal with the samePerson shown on the records of Lender to be the owner of the Property. If the amount of such insurance premiums and real estate taxes has not been definitively ascertained by Tenant at the any time when any such monthly deposit is to be paid, Landlord shall require payment of Lender reasonably determines that the Tax and Insurance Escrow Amount based upon Fund is not or will not be sufficient to pay Taxes and Insurance Premiums by the dates set forth in (a) and (b) above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of premiums the Taxes and real estate taxes paid for thirty (30) days prior to the preceding yearexpiration of the Policies, subject to adjustment as and when the amount of such premiums and real estate taxes are ascertained by Tenant. The Tax and Insurance Escrow Amount in the Tax and Insurance Account shall be and constitute additional security for the performance of Tenant's obligations hereunder and shall be subject to Landlord's security interest therein and shall, if there are sufficient funds in escrow, be used to pay taxes and insurance premiums when due. Landlord and Tenant shall execute such documentation as case may be necessary to create and maintain Landlord's security interest in the Tax and Insurance Accountbe.

Tax and Insurance Escrow Account. In the event Tenant fails to timely pay any taxof the Events of Default specified in Section 12.1 hereunder shall occur, assessment, imposition or charge required to be paid by Tenant pursuant to Section 8.1upon request of a Mortgagee, Landlord shall have the right, by written notice to Tenant effective as of the date of such notice, to require Tenant to pay or cause to be paid into a separate account (the "“Tax and Insurance Account"”) to be established by Tenant with a lending institution or other third party escrow agent designated by Landlord (which Tax and Insurance Account shall not be removed from such lending institution or other third party escrow agent without the express prior approval of Landlord), and which Landlord may draw upon, a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 and Article 9 hereof (other than worker's ’s compensation insurance premiums) with respect to real estate taxes and insurance premiums for the applicable Fiscal Year as and when they become due (such amounts, the "“Tax and Insurance Escrow Amount"”). During each month commencing with the first full calendar month following the receipt of said notice from Landlord, Tenant shall deposit into the Tax and Insurance Account one twelfth (1/12th) of the Tax and Insurance Escrow Amount so that as each installment of insurance premiums and real estate taxes becomes due and payable, there are sufficient funds in the Tax and Insurance Account to pay the same. If the amount of such insurance premiums and real estate taxes has not been definitively ascertained by Tenant at the time when any such monthly deposit is to be paid, Landlord shall require payment of the Tax and Insurance Escrow Amount based upon the amount of premiums and real estate taxes paid for the preceding year, subject to adjustment as and when the amount of such premiums and real estate taxes are ascertained by Tenant. The Tax and Insurance Escrow Amount in the Tax and Insurance Account shall be and constitute additional security for the performance of Tenant's ’s obligations hereunder and shall be subject to Landlord's ’s security interest therein and shall, if there are sufficient funds in escrow, be used to pay taxes and insurance premiums when due. Landlord and Tenant shall execute such documentation as may be necessary to create and maintain Landlord's ’s security interest in the Tax and Insurance Account.

Tax and Insurance Escrow Account. In During the event Tenant fails to timely pay existence of any taxEvent of Default hereunder, assessment, imposition or charge required to be paid by Tenant pursuant to Section 8.1upon request of a Mortgagee, Landlord shall have the right, by written notice to Tenant effective as of the date of such notice, to require Tenant to pay or cause to be paid into a separate account (the "“Tax and Insurance Account"”) to be established by Tenant with a lending institution or other third party escrow agent designated by Landlord (which Tax and Insurance Account shall not be removed from such lending institution or other third party escrow agent without the express prior approval of Landlord), and which Landlord may draw upon, a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 and Article 9 hereof (other than worker's ’s compensation insurance premiums) with respect to real estate taxes and insurance premiums for the applicable Fiscal Year as and when they become due (such amounts, the "“Tax and Insurance Escrow Amount"”). During each month commencing with the first full calendar month following the receipt of said notice from Landlord, Tenant shall deposit into the Tax and Insurance Account one twelfth of the Tax and Insurance Escrow Amount so that as each installment of insurance premiums and real estate taxes becomes due and payable, there are sufficient funds in the Tax and Insurance Account to pay the same. If the amount of such insurance premiums and real estate taxes has not been definitively ascertained by Tenant at the time when any such monthly deposit is to be paid, Landlord shall require payment of the Tax and Insurance Escrow Amount based upon the amount of premiums and real estate taxes paid for the preceding year, subject to adjustment as and when the amount of such premiums and real estate taxes are ascertained by Tenant. The Tax and Insurance Escrow Amount in the Tax and Insurance Account shall be and constitute additional security for the performance of Tenant's ’s obligations hereunder and shall be subject to Landlord's ’s security interest therein and shall, if there are sufficient funds in escrow, be used to pay taxes and insurance premiums when due. Landlord and Tenant shall execute such documentation as may be necessary to create and maintain Landlord's ’s security interest in the Tax and Insurance Account.

Tax and Insurance Escrow Account. In the event Tenant fails to timely pay any taxof the Events of Default specified in Section 12.1 hereunder shall occur, assessment, imposition or charge required to be paid by Tenant pursuant to Section 8.1upon request of Landlord's lender, Landlord shall have the right, by written notice to Tenant effective as of the date of such notice, to require Tenant to pay or cause to be paid into a separate account (the "Tax and Insurance Account") to be established by Tenant with a lending institution designated by Landlord (which Tax and Insurance Account shall not be removed from such lending institution without the express prior approval of Landlord), and which Landlord may draw upon, a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 and Article 9 hereof (other than worker's compensation insurance premiums) with respect to real estate taxes and insurance premiums for the applicable Fiscal Year as and when they become due (such amounts, the "Tax and Insurance Escrow Amount"). During each month commencing with the first full calendar month following the receipt of said notice from Landlord, Tenant shall deposit into the Tax and Insurance Account one twelfth of the Tax and Insurance Escrow Amount so that as each installment of insurance premiums and real estate taxes becomes due and payable, there are sufficient funds in the Tax and Insurance Account to pay the same. If the amount of such insurance premiums and real estate taxes has not been definitively ascertained by Tenant at the time when any such monthly deposit is to be paid, Landlord shall require payment of the Tax and Insurance Escrow Amount based upon the amount of premiums and real estate taxes paid for the preceding year, subject to adjustment as and when the amount of such premiums and real estate taxes are ascertained by Tenant. The Tax and Insurance Escrow Amount in the Tax and Insurance Account shall be and constitute additional security for the performance of Tenant's obligations hereunder and shall be subject to Landlord's security interest therein and shall, if there are sufficient funds in escrow, be used to pay taxes and insurance premiums when due. Landlord and Tenant shall execute such documentation as may be necessary to create and maintain Landlord's security interest in the Tax and Insurance Account.

Tax and Insurance Escrow Account. In the event Tenant fails to timely pay any tax, assessment, imposition or charge required to be paid by Tenant pursuant to Section 8.15.1 hereof, Landlord shall have the right, by written notice to Tenant effective as of the date of such notice, to require Tenant to pay or cause to be paid into a separate account (the "Tax and Insurance Account") to be established by Tenant with a lending institution designated where the accounts for the Premises are maintained, (which lending institution shall be approved in advance by Landlord (and which Tax and Insurance Account shall not be removed from such lending institution without the express prior approval of Landlord), and which Landlord may draw upon, a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 5.1 and Article 9 8 hereof (other than worker's compensation insurance premiums) with respect to real estate taxes and insurance premiums for the applicable Fiscal Year as and when they become due (such amounts, the "Tax and Insurance Escrow Amount"). During each month commencing with the first full calendar month following the receipt of said notice from Landlord, Tenant shall deposit into the Tax and Insurance Account one twelfth of the Tax and Insurance Escrow Amount so that as each installment of insurance premiums and real estate taxes becomes due and payable, there are sufficient funds in the Tax and Insurance Account to pay the same. If the amount of such insurance premiums and real estate taxes has not been definitively ascertained by Tenant at the time when any such monthly deposit is to be paid, Landlord shall require payment of the Tax and Insurance Escrow Amount based upon the amount of premiums and real estate taxes paid for the preceding year, subject to adjustment as and when the amount of such premiums and real estate taxes are ascertained by Tenant. The Tax and Insurance Escrow Amount in the Tax and Insurance Account shall be and constitute additional security for the performance of Tenant's obligations hereunder and shall be subject to Landlord's security interest therein and shall, if there are sufficient funds in escrow, be used to pay taxes and insurance premiums premium when due. Landlord and Tenant shall execute such documentation as may be necessary to create and maintain Landlord's security interest in the Tax and Insurance Account. The provisions of Section 23.9 shall not be applicable to this Article 5.

Tax and Insurance Escrow Account. In On each Payment Date, Borrower shall deposit into an Eligible Account established on or prior to the event Tenant fails to timely pay any tax, assessment, imposition or charge required to be paid by Tenant pursuant to Section 8.1, Landlord shall have the right, by written notice to Tenant effective as of the date of such notice, to require Tenant to pay or cause to be paid into a separate account Closing Date (the "Tax and Insurance Account") to be established by Tenant with a lending institution designated by Landlord (which Tax and Insurance Account shall not be removed from such lending institution without the express prior approval of Landlord), and which Landlord may draw upon, a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 and Article 9 hereof (other than worker's compensation insurance premiums) with respect to real estate taxes and insurance premiums for the applicable Fiscal Year as and when they become due (such amounts, hereinafter called the "Tax and Insurance Escrow AmountAccount"). During each month commencing with ) the first full calendar month following the receipt of said notice from Landlord, Tenant shall deposit into the Tax and Insurance Account one amounts: (a) one-twelfth of the Taxes that Lender estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates, and (b) one-twelfth of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Lender will apply amounts in the Tax and Insurance Escrow Amount Account to payments of Taxes and Insurance Premiums required to be made by Borrower (or any entity required to file tax returns with respect to Borrower) pursuant to Section 5.1.2 hereof and under the Mortgages. In making any payment from the Tax and Insurance Escrow Account, Lender may do so that as each installment according to any bxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of insurance premiums and real estate taxes becomes due and payablesuch bxxx, there are sufficient funds statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount in the Tax and Insurance Escrow Account shall exceed the amounts due for Taxes and Insurance Premiums pursuant to pay the same. If the amount of Section 5.1.2 hereof, Lender shall, in its sole discretion, return any excess to Borrower or credit such insurance premiums and real estate taxes has not been definitively ascertained by Tenant at the time when any such monthly deposit is excess against future payments to be paid, Landlord shall require payment of made to the Tax and Insurance Escrow Amount based upon the Account. Any amount of premiums and real estate taxes paid for the preceding year, subject to adjustment as and when the amount of such premiums and real estate taxes are ascertained by Tenant. The Tax and Insurance Escrow Amount remaining in the Tax and Insurance Escrow Account after the Debt has been paid in full shall be and constitute additional security for returned to Borrower. In allocating such excess, Lender may deal with the performance Person shown on the records of Tenant's obligations hereunder and shall Lender to be subject to Landlord's security interest therein and shall, if there are sufficient funds in escrow, be used to pay taxes and insurance premiums when duethe owner of the Properties. Landlord and Tenant shall execute such documentation as may be necessary to create and maintain Landlord's security interest If at any time Lender reasonably determines that the amount in the Tax and Insurance AccountEscrow Account is not or will not be sufficient to pay Taxes and Insurance Premiums by the dates set forth in (a) and (b) above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to delinquency of the Taxes and/or thirty (30) days prior to expiration of the Policies, as the case may be.

Tax and Insurance Escrow Account. In If and to the event extent the Primary Lender shall require that there be maintained with respect to the Leased Property an escrow account for the payment of either real estate taxes or insurance premiums or both, or if an Event of Default has occurred and remains outstanding, Tenant fails to timely pay any taxshall, assessmentupon the request of Landlord, imposition or charge required to be paid by Tenant pursuant to Section 8.1, Landlord shall have the right, by written notice to Tenant effective as of the date of such notice, to require Tenant to pay or cause to be paid into a separate interest bearing account (the "“Tax and and/or Insurance Account"”) to be established maintained by Tenant with Landlord in a lending institution bank designated by Landlord (which Tax and and/or Insurance Account shall not be removed from such lending institution without the express prior approval subject to a control agreement in favor of Landlord), and which Landlord may draw uponupon to pay real estate taxes or insurance premiums, as the case may be (based on whether the escrow is required for real estate tax, insurance premiums, or both), a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 and or Article 9 hereof (other than worker's ’s compensation insurance premiums) ), as applicable, with respect to real estate taxes and or insurance premiums for the applicable Fiscal Year as and when they become due (such amounts, the "“Tax and and/or Insurance Escrow Amount"”). During each month commencing So long as an Event of Default is not outstanding, the Tax and/or Insurance Account shall be drawn on only to pay real estate taxes or insurance premiums, as applicable, when due with respect to the Leased Property or to reimburse Tenant therefor. Upon an Event of Default and so long as such Event of Default is continuing, Landlord may also draw upon the Tax and/or Insurance Account to apply against any obligations of Tenant under this Lease. If real estate taxes or insurance premiums are required to be paid into the Tax and/or Insurance Escrow Amount hereunder, Tenant shall deposit an initial amount into the Tax and/or Insurance Account, which together with the monthly escrow payments to be made pursuant to the following sentence will provide sufficient funds to pay the real estate taxes or insurance premiums (as the case may be) when due. Thereafter, on the first full Business Day of each calendar month following the receipt of said notice from Landlord(so long as such escrow is required), Tenant shall deposit into the Tax and and/or Insurance Account one twelfth (1/12th) of the Tax and and/or Insurance Escrow Amount so that as each installment of insurance premiums and or real estate taxes taxes, as applicable, becomes due and payable, there are sufficient funds in the Tax and and/or Insurance Account to pay the same. If the amount of such insurance premiums and or real estate taxes has not been definitively ascertained by Tenant at the time when any such monthly deposit is to be paid, Landlord shall require payment of the Tax and and/or Insurance Escrow Amount based upon the amount of premiums and or real estate taxes taxes, as applicable, paid for the preceding year, subject to adjustment as and when the amount of such premiums and or real estate taxes are ascertained by Tenant. The Tax and and/or Insurance Escrow Amount in the Tax and Insurance Account shall be and constitute additional security for the performance of Tenant's obligations hereunder and shall be subject to Landlord's security interest therein and shall, if there are sufficient funds in escrow, be used to pay taxes and insurance premiums when due. Landlord and Tenant shall execute such documentation as may be necessary to create and maintain Landlord's security interest in the Tax and Insurance Account.Escrow

Tax and Insurance Escrow Account. In During the event Tenant fails to timely pay existence of any tax, assessment, imposition or charge required to be paid by Tenant pursuant to Section 8.1Event of Default hereunder, Landlord shall have the right, by written notice to Tenant effective as of the date of such notice, to require Tenant to pay or cause to be paid into a separate account (the "“Tax and Insurance Account"”) to be established by Tenant with a lending institution or other third party escrow agent designated by Landlord (which Tax and Insurance Account shall not be removed from such lending institution or other third party escrow agent without the express prior approval of Landlord), and which Landlord may draw upon, a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 and Article 9 hereof (other than worker's ’s compensation insurance premiums) with respect to real estate taxes and insurance premiums for the applicable Fiscal Year as and when they become due (such amounts, the "“Tax and Insurance Escrow Amount"”). During each month commencing with the first full calendar month following the receipt of said notice from Landlord, Tenant shall deposit into the Tax and Insurance Account one twelfth of the Tax and Insurance Escrow Amount so that as each installment of insurance premiums and real estate taxes becomes due and payable, there are sufficient funds in the Tax and Insurance Account to pay the same. If the amount of such insurance premiums and real estate taxes has not been definitively ascertained by Tenant at the time when any such monthly deposit is to be paid, Landlord shall require payment of the Tax and Insurance Escrow Amount based upon the amount of premiums and real estate taxes paid for the preceding year, subject to adjustment as and when the amount of such premiums and real estate taxes are ascertained by Tenant. The Tax and Insurance Escrow Amount in the Tax and Insurance Account shall be and constitute additional security for the performance of Tenant's ’s obligations hereunder and shall be subject to Landlord's ’s security interest therein and shall, if there are sufficient funds in escrow, be used to pay taxes and insurance premiums when due. Landlord and Tenant shall execute such documentation as may be necessary to create and maintain Landlord's ’s security interest in the Tax and Insurance Account.

Tax and Insurance Escrow Account. In the event Tenant fails to timely pay any tax, assessment, imposition or charge required to be paid by Tenant pursuant to of the Events of Default specified in Section 8.112.1 hereunder shall occur, Landlord shall have the right, by written notice to Tenant effective as of the date of such notice, to require Tenant to pay or cause to be paid into a separate account (the "Tax and Insurance Account") to be established by Tenant with a lending institution designated by Landlord (which Tax and Insurance Account shall not be removed from such lending institution without the express prior approval of Landlord), and which Landlord may draw upon, a reserve amount sufficient to discharge the obligations of Tenant under Section 8.1 and Article 9 hereof (other than worker's compensation insurance premiums) with respect to real estate taxes and insurance premiums for the applicable Fiscal Year as and when they become due (such amounts, the "Tax and Insurance Escrow Amount"). During each month commencing with the first full calendar month following the receipt of said notice from Landlord, Tenant shall deposit into the Tax and Insurance Account one twelfth of the Tax and Insurance Escrow Amount so that as each installment of insurance premiums and real estate taxes becomes due and payable, there are sufficient funds in the Tax and Insurance Account to pay the same. If the amount of such insurance premiums and real estate taxes has not been definitively ascertained by Tenant at the time when any such monthly deposit is to be paid, Landlord shall require payment of the Tax and Insurance Escrow Amount based upon the amount of premiums and real estate taxes paid for the preceding year, subject to adjustment as and when the amount of such premiums and real estate taxes are ascertained by Tenant. The Tax and Insurance Escrow Amount in the Tax and Insurance Account shall be and constitute additional security for the performance of Tenant's obligations hereunder and shall be subject to Landlord's security interest therein and shall, if there are sufficient funds in escrow, be used to pay taxes and insurance premiums when due. Landlord and Tenant shall execute such documentation as may be necessary to create and maintain Landlord's security interest in the Tax and Insurance Account.