Common use of Tax and Insurance Escrow Clause in Contracts

Tax and Insurance Escrow. Upon the request of Mortgagee, but only on the occurrence of an Event of Default, Mortgagor shall pay or cause to be paid to Mortgagee on the first day of each month a sum equal to one-twelfth (1/12) of the amount of (a) all real estate taxes, water and sewer charges and assessments, if any, as estimated from time to time by Mortgagee, becoming due with respect to the Mortgaged Property on the next succeeding date upon which the same shall be due and payable and (b) all premiums, computed on an annual basis, for the insurance required to be carried pursuant to paragraph 4 hereof. All such amounts (hereinafter, the “Escrows”) shall be held by Mortgagee in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided however, that if and to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, Mortgagee shall also have the right to charge a reasonable service fee in connection therewith unless prohibited under such law. The Escrows shall be applied to the payment of the respective items in respect of which the Escrows are deposited, or at Mortgagee’s option, to the payment of any such items in such order of priority as Mortgagee shall determine. If, as the same become due and payable, the amount of Escrows then on deposit therefor shall be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with Mortgagee. If there is an event of default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over to its assignee the then balance of the Escrows, such assigning Mortgagee shall have no further obligation to Mortgagor with respect to such deposits.

Tax and Insurance Escrow. Upon Supplementing the request provisions of Sections 5.4 and 5.5 hereof, and if required by Mortgagee, Mortgagor shall pay to Mortgagee on the payment date of installments of interest as provided in the Note, together with and in addition to such installments of interest, an installment of the Impositions and insurance premiums for such insurance as is required hereunder, next due on the Mortgaged Property in an amount sufficient, as estimated by Mortgagee, to accumulate the sum required to pay such Impositions and insurance, as applicable, thirty (30) days prior to the due date thereof. Amounts held hereunder shall not be, nor be deemed to be, trust funds, but may be commingled with the general funds of Mortgagee, but only on and no interest shall be payable with respect thereto. Upon demand of Mortgagee, Mortgagor shall deliver to Mortgagee, within ten (10) days after such demand, such additional money as is necessary to make up any deficiencies in the occurrence amounts necessary to enable Mortgagee to pay such Impositions and insurance premiums when due. In case of an Event of Default, Mortgagor shall pay or cause Mortgagee may apply any amount under this Section remaining to be paid Mortgagor's credit to Mortgagee on the first day of each month a sum equal to one-twelfth (1/12) reduction of the amount of (a) all real estate taxesObligations, water at such times and sewer charges and assessments, if any, as estimated from time to time by Mortgagee, becoming due with respect to the Mortgaged Property on the next succeeding date upon which the same shall be due and payable and (b) all premiums, computed on an annual basis, for the insurance required to be carried pursuant to paragraph 4 hereof. All such amounts (hereinafter, the “Escrows”) shall be held by Mortgagee in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided however, that if and to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, Mortgagee shall also have the right to charge a reasonable service fee in connection therewith unless prohibited under such law. The Escrows shall be applied to the payment of the respective items in respect of which the Escrows are deposited, or at Mortgagee’s option, to the payment of any such items in such order of priority as Mortgagee shall determine. If, as Notwithstanding anything contained herein to the same become due and payable, the amount of Escrows then on deposit therefor shall be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with Mortgagee. If there is an event of default hereundercontrary, Mortgagee may at will not enforce its option apply rights to require an escrow hereunder unless an Event of Default has occurred or if a material adverse change in the Escrows or any part thereof in payment financial condition of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee Mortgagor shall pay over to its assignee the then balance of the Escrows, such assigning Mortgagee shall have no further obligation to Mortgagor with respect to such depositsoccur.

Tax and Insurance Escrow. Upon the occurrence and during the continuance of a Default, Grantor will upon written request of MortgageeCollateral Agent, but only on the occurrence of an Event of Default, Mortgagor shall pay or cause to be paid to Mortgagee on the first day of each month deposit with Collateral Agent a sum equal to one-twelfth (1/12) of the amount of (a) all real estate accrued and unpaid ad valorem taxes, assessments and charges (which charges for the purpose of this subparagraph shall include without limitation ground rents and water and sewer charges rents and assessmentsany other recurring charge which could create or result in a lien against the Property) against the Property for the then current year and the accrued and unpaid premiums for such policies of insurance for the then current year, if anyall as reasonably estimated by Collateral Agent and prorated to the end of the calendar month following the month during which such Default occurred, and thereafter will deposit with Collateral Agent sufficient funds (as reasonably estimated from time to time by MortgageeCollateral Agent) to permit the Collateral Agent to pay, becoming due with respect at least 5 days prior to the Mortgaged Property on delinquency date thereof, the next succeeding date maturing ad valorem taxes, assessments and charges and premiums for such policies of insurance. Collateral Agent shall have the right to rely upon which tax information furnished by applicable taxing authorities in the same payment of such taxes or assessments and shall be due and payable and (b) all premiums, computed on an annual basis, have no obligation to make any protest of any such taxes or assessments. Any excess over the amounts required for the insurance required to be carried pursuant to paragraph 4 hereof. All such amounts (hereinafter, the “Escrows”) purposes shall be held by Mortgagee Collateral Agent for payment of future taxes, assessments, charges and premiums, applied to any Secured Indebtedness, or refunded to Grantor, at Collateral Agent's option; and any deficiency in such manner as it sees fit without any obligation funds so deposited shall be made up by Grantor upon demand of Collateral Agent. All such funds so deposited shall bear interest at the normal interest rate for money market deposits at NationsBank, may be mingled with the general funds of Collateral Agent and shall be applied by Collateral Agent toward the payment of such taxes, assessments, charges and premiums when statements therefor are presented to invest Collateral Agent by Grantor (which statements shall be presented by Grantor to Collateral Agent a reasonable time before the same or (if invested) to account for any income or loss resulting therefromapplicable amount is due); provided provided, however, that if and to Collateral Agent has made demand for payment of all of the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of MortgagorSecured Indebtedness, Mortgagee shall also have the right to charge a reasonable service fee in connection therewith unless prohibited under such law. The Escrows shall funds may at Collateral Agent's option be applied to the payment of the respective items Secured Indebtedness in respect the order determined by Collateral Agent and that Collateral Agent may at any time, in its discretion, apply all or any part of which the Escrows are deposited, or at Mortgagee’s option, to such funds toward the payment of any such items in such order of priority as Mortgagee shall determine. Iftaxes, as the same become due and payableassessments, the amount of Escrows then on deposit therefor shall be insufficient to pay such itemcharges or premiums which are past due, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency together with Mortgagee. If there is an event of default hereunder, Mortgagee may at its option apply the Escrows any penalties or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over to its assignee the then balance of the Escrows, such assigning Mortgagee shall have no further obligation to Mortgagor late charges with respect to such deposits.thereto. The conveyance or transfer of Grantor's interest in the Property for any reason

Tax and Insurance Escrow. Upon Mortgagor agrees, at the request option of MortgageeMortgagee upon the occurrence of an Event of Default during the term of the Loan and upon prior written notice to Mortgagor, but only on to add to each installment due under the Note, an amount estimated by Mortgagee to be sufficient to enable Mortgagee to pay, prior to the date the same shall become due, all taxes and Impositions. Further, Mortgagor agrees, at the option of Mortgagee upon the occurrence of an Event of Default, Mortgagor shall pay or cause to add to each such installment an additional amount reasonably estimated by Mortgagee to be paid sufficient to enable Mortgagee on to pay the first day of each month a sum equal to one-twelfth (1/12) of the amount of (a) all real estate taxes, water and sewer charges and assessments, if any, as estimated from time to time by Mortgagee, becoming due with respect to the Mortgaged Property on the premiums that will next succeeding date upon which the same shall be become due and payable and (b) all premiumson the policies of fire, computed on an annual basishazard, for the or other insurance required to be carried obtained pursuant to paragraph 4 hereofthis Mortgage. All Any deficiencies because of the insufficiency of such amounts (hereinafter, the “Escrows”) additional payments shall be held promptly deposited by Mortgagor with Mortgagee upon written demand by Mortgagee. No trust relationship shall exist between Mortgagor and Mortgagee as to said funds so deposited, and said funds may be co-mingled with Mortgagee's other funds, and no interest shall be paid by Mortgagee to Mortgagor for any funds so deposited. After the occurrence of an Event of Default hereunder, Mortgagee, at its option at any time after such Event of Default, may apply the balance remaining of said funds so deposited, as a credit against the Indebtedness in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided however, that if and to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, Mortgagee shall also have the right to charge a reasonable service fee in connection therewith unless prohibited under such law. The Escrows shall be applied to the payment of the respective items in respect of which the Escrows are deposited, or at Mortgagee’s option, to the payment of any such items in such order of priority as Mortgagee shall determine. If, as the same become due and payable, the amount of Escrows then on deposit therefor shall be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with Mortgagee. If there is an event of default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over to its assignee the then balance of the Escrows, such assigning Mortgagee shall have no further obligation to Mortgagor with respect to such depositsdetermine.

Tax and Insurance Escrow. Upon the request of Mortgagee, but only on If required by Landlord following the occurrence and during the continuance of an Event of Default, Mortgagor Tenant shall pay all Taxes and insurance premiums for the Required Insurance (as defined below) accruing during the Term to Landlord in monthly installments on or cause to be paid to Mortgagee on before the first day of each month calendar month, in advance, in an amount reasonably estimated by Landlord to be sufficient to create an available fund to pay such Taxes and premiums as they become due. In the event Landlord shall exercise its right to cause Tenant to make the payments contemplated in the immediately preceding sentence, Landlord shall pay, or cause to be paid, such Taxes and insurance premiums to the proper governmental authorities and insurance carriers, as applicable, prior to the time any of the same would become delinquent, and shall furnish to Tenant within thirty (30) days after written request therefor, evidence of the payment of such Taxes and premiums; provided that, in no event shall Landlord be required to make, or cause to be made, any payment in excess of the sums actually received from Tenant for such purpose pursuant to this Section 11, together with interest earned and received thereon. Upon receipt of bills for Taxes and/or insurance premiums due during a sum equal calendar year, Tenant shall submit to oneLandlord a written statement of the actual amount of the Taxes and insurance premiums then due. If the total amount theretofore deposited by Tenant hereunder in respect thereto shall be less than the actual amount due from Tenant for such year, as shown in such statement, Tenant shall pay to Landlord the shortfall at the time of submission of such statement. If it appears, in the reasonable judgment of the Landlord, that the monthly deposits made by Tenant have created a reserve in excess of the amount necessary to pay Taxes and insurance premiums as they become due, the excess shall be credited against the next deposit or deposits of Taxes and insurance premiums due from Tenant to Landlord hereunder. All amounts due hereunder shall be payable to Landlord at the place where the Minimum Rent is payable and shall be held for the benefit of Tenant in an interest-twelfth bearing account (1/12x) at a federally insured bank or trust company designated by Landlord, or (y) with First Mortgagee or the servicer of a First Mortgagee or at a federally insured bank or trust company designated by First Mortgagee or such servicer (any entity described in clauses (x) or (y) of this sentence which holds such amounts, the "Depository"); provided, however, that the Depository shall at all times be rated A3 or higher by Standard & Poor's Rating Service. Said amounts payable by Tenant hereunder may be held in commingled accounts or segregated accounts, provided that such accounts are interest-bearing with interest earned on amounts escrowed hereunder being credited to such escrow. A copy of a bill for Taxes or insurance premiums shall at all times be suffxxxxnt evidence of the amount of Taxes levied, assessed or imposed against the Premises to which such bill relates or the amount of insurance premiums for some or alx xx the Required Insurance. Landlord's and Tenant's obligations under this Section 11 shall survive the expiration or early termination of this Lease. Any balance of funds remaining on deposit with the Depository at the expiration of the Term and satisfaction of all obligations of Tenant under this Lease shall be returned to Tenant by Landlord, together with all interest earned thereon. In the event of the loss for any reason of any funds held by the Depository, (ai) Tenant shall be entitled to (and Landlord hereby assigns Tenant the right to) exercise against the Depository all real estate taxes, water rights and sewer charges and assessmentsremedies, if any, as estimated from time to time by Mortgagee, becoming due that Landlord may have against the Depository with respect to the Mortgaged Property on the next succeeding date upon which the same shall be due and payable thereto and (bii) Landlord hereby agrees to cooperate, at Tenant's expense, with Tenant in all premiums, computed on an annual basis, for the insurance required to be carried pursuant to paragraph 4 hereof. All such amounts (hereinafter, the “Escrows”) shall be held by Mortgagee in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided however, that if and to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, Mortgagee shall also have the right to charge a reasonable service fee respects in connection therewith unless prohibited under such law. The Escrows shall be applied to with the payment of the respective items in respect of which the Escrows are deposited, or at Mortgagee’s option, to the payment of any such items in such order of priority as Mortgagee shall determine. If, as the same become due and payable, the amount of Escrows then on deposit therefor shall be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount enforcement by Tenant of such deficiency with Mortgagee. If there is an event of default hereunder, Mortgagee may at its option apply rights and remedies against the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over to its assignee the then balance of the Escrows, such assigning Mortgagee shall have no further obligation to Mortgagor with respect to such depositsDepository.

Tax and Insurance Escrow. Upon the request of Mortgagee, but only on the occurrence of an At Lender’s option after any Event of DefaultDefault or Default Condition, Mortgagor in order to implement the provisions of Paragraphs 3.17 and 3.19 hereinabove, Borrower shall pay to Lender monthly, annually, or cause to be paid to Mortgagee on the first day of each month a sum as otherwise directed by Lender, an amount (“Escrowed Sums”) equal to one-twelfth (1/12) of the amount sum of (a) all real estate taxesthe annual Impositions (estimated by Lender, water and sewer charges and assessments, if any, as estimated from time wherever necessary) to time by Mortgagee, becoming become due with respect to for the Mortgaged Property on the next succeeding date upon tax year during which the same shall be due and payable such payment is so directed and (b) all the insurance premiums for the same year for those insurance policies as are required hereunder. If Lender determines that any amounts theretofore paid by Borrower are insufficient for the payment in full of such Impositions and insurance premiums, computed on an annual basis, for Lender shall notify Borrower of the insurance increased amounts required to be carried pursuant provide a sufficient fund, whereupon Borrower shall pay to paragraph 4 hereofLender within thirty (30) days thereafter the additional amount as stated in Lender’s notice. All such amounts (hereinafter, the “Escrows”) shall The Escrowed Sums may be held by Mortgagee Lender in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided howevernon-interest bearing accounts and may be commingled with Lender’s other funds. Upon assignment of this Security Deed, that if and to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, Mortgagee Lender shall also have the right to charge a reasonable service fee pay over the balance of the Escrowed Sums then in connection therewith unless prohibited under such lawits possession to its assignee whereupon the Lender shall then become completely released from all liability with respect thereto. The Escrows shall be applied to Within ninety-five (95) days following the full payment of the respective items Indebtedness (other than a full payment of the Indebtedness as a consequence of a foreclosure or conveyance in respect lieu of which foreclosure of the Escrows are deposited, liens and security title securing the Indebtedness) or at Mortgagee’s option, to the payment of any such items in such order of priority earlier time as Mortgagee shall determine. If, as the same become due and payableLender may elect, the amount of Escrows then on deposit therefor shall be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with Mortgagee. If there is an event of default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over to its assignee the then balance of the Escrows, such assigning Mortgagee Escrowed Sums in its possession shall be paid over to Borrower and no other party shall have any right or claim thereto. If no further obligation Event of Default shall have occurred and be continuing hereunder, the Escrowed Sums shall, at the option of Lender, be repaid to Mortgagor with respect Borrower in sufficient time to such depositsallow Borrower to satisfy Borrower’s obligations under the Loan Documents to pay the Impositions and the required insurance premiums or be paid directly to the Governmental Authority and the insurance company entitled thereto. If an Event of Default shall have occurred and be continuing hereunder, however, Lender shall have the additional option of crediting the full amount of the Escrowed Sums against the Indebtedness.

Tax and Insurance Escrow. Upon the request of Mortgagee, but only on the occurrence of an At Lender's option after any Event of DefaultDefault or Default Condition, Mortgagor in order to implement the provisions of Paragraphs 3.17 and 3.19 hereinabove, Borrower shall pay to Lender monthly, annually, or cause to be paid to Mortgagee on the first day of each month a sum as otherwise directed by Lender, an amount ("Escrowed Sums") equal to one-twelfth (1/12) of the amount sum of (a) all real estate taxesthe annual Impositions (estimated by Lender, water and sewer charges and assessments, if any, as estimated from time wherever necessary) to time by Mortgagee, becoming become due with respect to for the Mortgaged Property on the next succeeding date upon tax year during which the same shall be due and payable such payment is so directed and (b) all the insurance premiums for the same year for those insurance policies as are required hereunder. If Lender determines that any amounts theretofore paid by Borrower are insufficient for the payment in full of such Impositions and insurance premiums, computed on an annual basis, for Lender shall notify Borrower of the insurance increased amounts required to be carried pursuant provide a sufficient fund, whereupon Borrower shall pay to paragraph 4 hereofLender within thirty (30) days thereafter the additional amount as stated in Lender's notice. All such amounts (hereinafter, the “Escrows”) shall The Escrowed Sums may be held by Mortgagee Lender in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided howevernon-interest bearing accounts and may be commingled with Lender's other funds. Upon assignment of this Security Deed, that if and to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, Mortgagee Lender shall also have the right to charge a reasonable service fee pay over the balance of the Escrowed Sums then in connection therewith unless prohibited under such lawits possession to its assignee whereupon the Lender shall then become completely released from all liability with respect thereto. The Escrows shall be applied to Within ninety-five (95) days following the full payment of the respective items Indebtedness (other than a full payment of the Indebtedness as a consequence of a foreclosure or conveyance in respect lieu of which foreclosure of the Escrows are deposited, liens and security title securing the Indebtedness) or at Mortgagee’s option, to the payment of any such items in such order of priority earlier time as Mortgagee shall determine. If, as the same become due and payableLender may elect, the amount of Escrows then on deposit therefor shall be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with Mortgagee. If there is an event of default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over to its assignee the then balance of the Escrows, such assigning Mortgagee Escrowed Sums in its possession shall be paid over to Borrower and no other party shall have any right or claim thereto. If no further obligation Event of Default shall have occurred and be continuing hereunder, the Escrowed Sums shall, at the option of Lender, be repaid to Mortgagor with respect Borrower in sufficient time to such depositsallow Borrower to satisfy Borrower's obligations under the Loan Documents to pay the Impositions and the required insurance premiums or be paid directly to the Governmental Authority and the insurance company entitled thereto. If an Event of Default shall have occurred and be continuing hereunder, however, Lender shall have the additional option of crediting the full amount of the Escrowed Sums against the Indebtedness.

Tax and Insurance Escrow. Upon the request of Mortgagee, but only on the occurrence of an Event of Default, Mortgagor Borrower shall pay or cause to be paid to Mortgagee Lender on the first day of each month a sum equal to Payment Date (a) one-twelfth (1/12) of the amount of (a) all real estate taxes, water and sewer charges and assessments, if any, as estimated from time to time by Mortgagee, becoming due with respect to the Mortgaged Property on Taxes that Lender estimates will be payable during the next succeeding date upon which the same shall be 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 and payable dates, and (b) all premiums, computed on an annual basis, one-twelfth of the Insurance Premiums that Lender estimates will be payable for the insurance 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 (said amounts in (a) and (b) above hereinafter called the “Tax and Insurance Escrow Fund”). The Tax and Insurance Escrow Fund and the Monthly Debt Service Payment Amount, 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 carried made by Borrower pursuant to paragraph 4 Section 5.1.2 hereof and under the Security Instrument. In making any payment relating to the Tax and Insurance Escrow Fund, Lender may do so 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 such bxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of the Tax and Insurance Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Section 5.1.2 hereof, 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 Insurance Escrow Fund. All such amounts (hereinafter, Any amount remaining in the “Escrows”) Tax and Insurance Escrow Fund after the Debt has been paid in full or defeased shall be held returned to Borrower. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the Property. If at any time Lender reasonably determines that the Tax and Insurance Escrow Fund is not or will not be sufficient to pay Taxes and Insurance Premiums by Mortgagee the dates set forth in (a) and (b) above, Lender shall notify Borrower of such manner as it sees fit without any obligation determination and Borrower shall increase its monthly payments to invest Lender by the same or amount that Lender estimates is sufficient to make up the deficiency at least thirty (if invested30) to account for any income or loss resulting therefrom; provided however, that if and days prior to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, Mortgagee shall also have the right to charge a reasonable service fee in connection therewith unless prohibited under such law. The Escrows shall be applied to the payment due date of the respective items in respect Taxes and/or thirty (30) days prior to expiration of which the Escrows are deposited, or at Mortgagee’s option, to the payment of any such items in such order of priority as Mortgagee shall determine. IfPolicies, as the same become due and payable, the amount of Escrows then on deposit therefor shall be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with Mortgagee. If there is an event of default hereunder, Mortgagee case may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over to its assignee the then balance of the Escrows, such assigning Mortgagee shall have no further obligation to Mortgagor with respect to such depositsbe.

Tax and Insurance Escrow. Upon the request of Mortgagee, but only on After the occurrence of an Event of Default, Mortgagor Grantor shall pay or cause to be paid to Mortgagee Beneficiary on the first day of each month a sum equal to one-twelfth (1/12) of the amount of (a) all real estate taxes, all water and sewer charges and assessments, if any, as estimated from time to time by MortgageeBeneficiary, becoming due with respect to the Mortgaged Property on the next succeeding date upon which the same shall be due and payable and (b) all premiums, computed on an annual basis, for the insurance required to be carried pursuant to paragraph 4 hereof. All such amounts (hereinafter, the “"Escrows”") shall be held by Mortgagee Beneficiary in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided however, that if and to the extent that Mortgagee Beneficiary is required under applicable law to invest the escrows Escrows for the benefit of MortgagorGrantor, Mortgagee Beneficiary shall also have the right to charge a reasonable service fee in connection therewith unless prohibited under such law. The Escrows shall be applied to the payment of the respective items in respect of which the Escrows are were deposited, or at Mortgagee’s Beneficiary's option, to the payment of any such items in such order of priority as Mortgagee Beneficiary shall determine. If, as the same become due and payable. If, prior to the date upon which any of the aforesaid items shall be due and payable, the amount of Escrows then on deposit therefor shall be insufficient to pay such item, Mortgagor Grantor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with MortgageeBeneficiary. If there is an event of default hereunder, Mortgagee Beneficiary may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate DebtObligations. If, when making any assignment of this Open End Mortgage and Security AgreementDeed of Trust, the then Mortgagee Beneficiary shall pay over to its assignee the then balance of the Escrows, Escrows and such assigning Mortgagee Beneficiary shall have no further obligation to Mortgagor Grantor with respect to such deposits.

Tax and Insurance Escrow. Upon the request of MortgageeMortgagee (which request may, but only on at the sole discretion of Mortgagee be made at any time subsequent to the occurrence of an Event of Default, ) Mortgagor shall pay or cause to be paid to Mortgagee on the first day of each month a sum equal to one-twelfth (1/12) of the amount of (a) all real estate taxes, water and sewer charges and assessments, assessments if any, as estimated from time to time by Mortgagee, becoming due with respect to the Mortgaged Property on the next succeeding date upon which the same shall be due and payable and (b) all premiums, computed on an annual basis, for the insurance required requited to be carried pursuant to paragraph Paragraph 4 hereof. All such soon amounts (hereinafter, the “"Escrows”") shall be held by Mortgagee in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; same, provided however, that if and to the extent that Mortgagee is required under applicable law to invest the escrows Escrow for the benefit of Mortgagor, Mortgagee shall also have the right to charge a reasonable service fee in connection therewith unless prohibited under such applicable law. The Escrows escrows shall be applied to the payment of the respective items in respect of which the Escrows are were deposited, or at Mortgagee’s option, 's option to the payment of any such items in such order of priority as Mortgagee shall determine. If, as the same become due and payable. If, prior to the date upon which any of the aforesaid items shall be due and payable, the amount of Escrows then than on deposit therefor shall be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with Mortgagee. If there is an event of default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security AgreementMortgage, the then Mortgagee mortgagee shall pay over to its assignee the then balance of the Escrows, Escrows then such assigning Mortgagee mortgagee shall have no further obligation or liability to Mortgagor with respect to such deposits.

Tax and Insurance Escrow. Upon the request of Mortgagee, but only on the occurrence of an Event of Default, Mortgagor shall pay or cause to be paid to Mortgagee on the first day of each month a sum equal to one-twelfth (1/12) of upon demand by Mortgagee the amount of (a) all real estate taxes, water and sewer charges and assessments, if anytaxes for the succeeding year, as estimated from time to time by Mortgagee, becoming due with respect to the Mortgaged Property on the next succeeding date upon which the same shall be due and payable and (b) the amount of all premiums, computed on an annual basis, for the insurance required to be carried pursuant to paragraph 4 hereof. All such amounts (hereinafter, the “"Escrows”") shall be held by Mortgagee in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided however, that if and to the extent that Mortgagee is required under applicable law to invest the escrows Escrows for the benefit of Mortgagor, Mortgagee shall also have the right to charge a reasonable service fee in connection therewith unless prohibited under such law. The Escrows shall be applied to the payment of the respective items in respect of which the Escrows are were deposited, or at Mortgagee’s 's option, to the payment of any such items in such order of priority as Mortgagee shall determine. If, as the same become due and payable. If, prior to the date upon which any of the aforesaid items shall be due and payable, the amount of Escrows then on deposit therefor shall be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with Mortgagee. If there is an event of default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over to its assignee the then balance of the Escrows, such assigning Mortgagee shall have no further obligation to Mortgagor with respect to such deposits.fifteen

Tax and Insurance Escrow. Upon the request of Mortgagee, but only on the occurrence of an Event of Default, Mortgagor shall pay or cause to be paid to Mortgagee on the first day of each month a sum equal to one-twelfth (1/12) of the amount of (a) all real estate taxes, water and sewer charges and assessments, if any, as estimated from time to time by Mortgagee, becoming due with respect to the Mortgaged Property on the next succeeding date upon which the same shall be due and payable and (b) all premiums, computed on an annual basis, for the insurance required to be carried pursuant to paragraph 4 hereof. All such amounts (hereinafter, the “Escrows”) shall be held by Mortgagee in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided however, that if and to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, Mortgagee shall also have the right to charge a reasonable service fee in connection therewith unless prohibited under such law. The Escrows shall be applied to the payment of the respective items in respect of which the Escrows are deposited, or at Mortgagee’s option, to the payment of any such items in such order CONFIDENTIAL TREATMENT REQUESTED PURSUANT TO RULE 24b-2 Certain portions of this exhibit have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The omitted materials have been filed separately with the Securities and Exchange Commission. of priority as Mortgagee shall determine. If, as the same become due and payable, the amount of Escrows then on deposit therefor shall be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with Mortgagee. If there is an event of default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over to its assignee the then balance of the Escrows, such assigning Mortgagee shall have no further obligation to Mortgagor with respect to such deposits.

Tax and Insurance Escrow. Upon the request of Mortgagee, but only on After the occurrence of an Event of Default, Mortgagor in order to implement the provisions of Paragraphs 4.3. and 4.5. hereinabove, Grantor shall pay or cause to be paid to Mortgagee on the first day of each month a sum Beneficiary, as and when directed by Beneficiary, and as escrowed sums, an amount equal to one-twelfth (1/12) of the amount sum of (a) all real estate taxes, water and sewer charges and assessments, if any, as xxx xxxxxx Impositions (estimated from time wherever necessary) to time by Mortgagee, becoming become due with respect to for the Mortgaged Property on the next succeeding date upon tax year during which the same shall be due and payable such payment is so directed and (b) all the insurance premiums for the same year for those insurance policies as are required hereunder. If Beneficiary determines that any amounts theretofore paid by Grantor are insufficient for the payment in full of such Impositions and insurance premiums, computed on an annual basis, for Beneficiary shall notify Grantor of the insurance increased amounts required to be carried pursuant provide a sufficient fund, whereupon Grantor shall pay to paragraph 4 hereofBeneficiary within thirty (30) days thereafter the additional amount as stated in Beneficiary's notice. All such amounts (hereinafter, the “Escrows”) shall The escrowed sums may be held by Mortgagee Beneficiary in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided howevernoninterest-bearing accounts and may be commingled with Beneficiary's other funds. Upon assignment of this Deed of Trust, that if and to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, Mortgagee Beneficiary shall also have the right to charge a reasonable service fee pay over the balance of the escrowed sums then in connection therewith unless prohibited under such lawits possession to its assignee, whereupon Beneficiary and its Trustee shall then become completely released from all liability with respect thereto. The Escrows shall be applied to the Upon full payment of the respective items in respect of which the Escrows are depositedIndebtedness, or at Mortgagee’s option, to the payment of any such items in such order of priority earlier time as Mortgagee shall determine. If, as the same become due and payableBeneficiary may elect, the amount of Escrows then on deposit therefor shall be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with Mortgagee. If there is an event of default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over to its assignee the then balance of the Escrows, such assigning Mortgagee escrowed sums in its possession shall be paid over to Grantor and no other party shall have any right or claim thereto. If no further obligation Event of Default shall have occurred and be continuing hereunder, the escrowed sums shall, at the option of Beneficiary, be repaid to Mortgagor with respect Grantor in sufficient time to allow Grantor to satisfy Grantor's obligations under the Security Documents to pay the Impositions and the required insurance premiums or be paid directly to the Governmental Authority and the insurance company entitled thereto. If an Event of Default shall have occurred and be continuing hereunder, however, Beneficiary shall have the additional option of crediting the full amount of the escrowed sums against the Indebtedness. Notwithstanding anything to the contrary contained in this Paragraph 11.15. or elsewhere in this Deed of Trust, Beneficiary hereby reserves the right to waive the payment by Grantor to Beneficiary of the escrowed sums, and, in the event Beneficiary does so waive such depositspayment, it shall be without prejudice to Beneficiary's right to insist, at any subsequent time or times that such payments be made in accordance herewith.

Tax and Insurance Escrow. Upon In addition to other payments herein required, the request of Mortgagor shall, at the Mortgagee's option, but only on pay to the occurrence of an Event of Default, Mortgagor shall pay or cause to be paid to Mortgagee monthly on the first of each month, or such other day of each the month a sum as may be designated by the Mortgagee during the term hereof, and for so long as the Liabilities secured by this Agreement shall remain unpaid, an amount equal to one-twelfth (1/121/12th) of the municipal taxes and assessments which the Mortgagee estimates will become payable on account of the Mortgaged Premises for the year next succeeding any period for which such taxes and assessments have been paid or escrowed hereunder, and/or one-twelfth (1/12th) of the insurance premiums which the Mortgagee estimates will become payable on account of the Collateral for the year next succeeding any period for which such premiums have been paid or escrowed hereunder, sufficient to enable Mortgagee to accumulate at least thirty (30) days prior to the dates upon which such municipal taxes and assessments or insurance premiums are payable the amounts then due and payable. Further, the Mortgagor shall pay to the Mortgagee on demand the amount of (a) any deficiency of the funds so collected when the actual amount of such taxes and assessments or insurance premiums become known. The Mortgagee shall maintain such funds in an interest bearing account which may not be commingled with other funds of the Mortgagee and all real estate taxes, water and sewer charges and assessments, if any, as estimated from time to time by Mortgagee, becoming due with respect interest on such funds shall be payable to the Mortgaged Property on the next succeeding date upon which the same shall be due and payable and (b) all premiums, computed on an annual basis, for the insurance required to be carried pursuant to paragraph 4 hereofMortgagor. All such amounts (hereinafter, the “Escrows”) shall be held by Mortgagee in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided however, that if and to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, The Mortgagee shall also have the right to charge a reasonable service fee in connection therewith unless prohibited under such law. The Escrows shall be applied apply said funds to the payment of the respective items in respect of which the Escrows are depositedmunicipal taxes and assessments or insur- ance premiums, or at Mortgagee’s optionas applicable, to the payment of any extent such items in such order of priority as amounts are determined by the Mortgagee shall determine. If, as the same become to be due and payable. In the event the Mortgagee collects such tax or insurance payments hereunder, the amount of Escrows then on deposit therefor Mortgagor shall be insufficient deliver to pay the Mortgagee the bills representing any such item, Mortgagor amounts within five ten (510) days after demand is made therefor shall deposit of the amount receipt thereof by the Mortgagor. Notwithstanding the provisions of such deficiency with Mortgagee. If there is this Section 4-8, upon an occurrence of an event which is, or, solely with the passage of default time, would be, an Event of Default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over not be required to its assignee apply such funds as provided above, and may set off such funds against the then balance of Liabilities and apply any such funds towards the Escrows, such assigning Mortgagee shall have no further obligation to Mortgagor Liabilities in accordance with respect to such depositsthe terms hereof.

Tax and Insurance Escrow. Upon In addition to other payments herein required, the request Mortgagor shall, at the Mortgagee's option, exercisable at any time or from time to time, now or in the future, pay to the Mortgagee monthly on the first of Mortgageeeach month, but only or such other day of the month as may be designated by the Mortgagee during the term hereof, and for so long as the Liabilities secured by this Agreement shall remain unpaid, an amount equal to one-twelfth (1/12th) of the municipal taxes and assessments which the Mortgagee estimates will become payable on account of the Mortgaged Premises for the year next succeeding any period for which such taxes and assessments have been paid or escrowed hereunder, and, (upon the occurrence of an Event of Default, Mortgagor shall pay or cause to be paid to Mortgagee on the first day of each month a sum equal to Default hereunder) one-twelfth (1/121/12th) of the insurance premiums which the Mortgagee estimates will become payable on account of the Collateral for the year next succeeding any period for which such premiums have been paid or escrowed hereunder, sufficient to enable Mortgagee to accumulate at least thirty (30) days prior to the dates upon which such municipal taxes and assessments or insurance premiums are payable the amounts then due and payable. Further, the Mortgagor shall pay to the Mortgagee on demand the amount of (a) all real estate taxes, water any deficiency of the funds so collected when the actual amount of such taxes and sewer charges and assessments, if any, as estimated from time to time by Mortgagee, becoming due with respect to the Mortgaged Property on the next succeeding date upon which the same shall be due and payable and (b) all premiums, computed on an annual basis, for the assessments or insurance required to be carried pursuant to paragraph 4 hereofpremiums become known. All such amounts (hereinafter, the “Escrows”) shall be held by Mortgagee in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided however, that if and to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, The Mortgagee shall also have maintain such funds in a non-interest bearing account which may be commingled with other funds of the right to charge a reasonable service fee in connection therewith unless prohibited under such lawMortgagee. The Escrows Mortgagee shall be applied apply said funds to the payment of the respective items in respect of which the Escrows are depositedmunicipal taxes and assessments or insurance premiums, or at Mortgagee’s optionas applicable, to the payment of any extent such items in such order of priority as amounts are determined by the Mortgagee shall determine. If, as the same become to be due and payable. In the event the Mortgagee collects such tax or insurance payments hereunder, the amount of Escrows then on deposit therefor Mortgagor shall be insufficient deliver to pay the Mortgagee the bills representing any such item, Mortgagor amounts within five (5) business days after demand is made therefor shall deposit of the amount receipt thereof by the Mortgagor. Notwithstanding the provisions of such deficiency with Mortgagee. If there is this Section 4-9, upon an occurrence of an event which is, or, solely with the passage of default time, would be, an Event of Default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over not be required to its assignee apply such funds as provided above, and may set off such funds against the then balance of Liabilities and apply any such funds towards the EscrowsLiabilities in accordance with Section 10-6, such assigning Mortgagee shall have no further obligation to Mortgagor with respect to such depositshereunder.

Tax and Insurance Escrow. Upon the request of Mortgagee, but only on After the occurrence of an Event of Default, Mortgagor shall pay or cause to be paid to Mortgagee on the first day of each month a sum equal to one-twelfth (1/12) of the amount of (a) all real estate taxes, all water and sewer charges and assessments, if any, as estimated from time to time by Mortgagee, becoming due with respect to the Mortgaged Property on the next succeeding date upon which the same shall be due and payable and (b) all premiums, computed on an annual basis, for the insurance required to be carried pursuant to paragraph 4 hereof. All such amounts (hereinafter, the “"Escrows”") shall be held by Mortgagee in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided however, that if and to the extent that Mortgagee is required under applicable law to invest the escrows Escrows for the benefit of Mortgagor, Mortgagee shall also have the right to charge a reasonable service fee in connection therewith unless prohibited under such law. The Escrows shall be applied to the payment of the respective items in respect of which the Escrows are were deposited, or at Mortgagee’s 's option, to the payment of any such items in such order of priority as Mortgagee shall determine. If, as the same become due and payable. If, prior to the date upon which any of the aforesaid items shall be due and payable, the amount of Escrows then on deposit therefor shall be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with Mortgagee. If there is an event of default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate DebtObligations. If, when making any assignment of this Open End Mortgage and Security AgreementMortgage, the then Mortgagee shall pay over to its assignee the then balance of the Escrows, Escrows and such assigning Mortgagee shall have no further obligation to Mortgagor with respect to such deposits.

Tax and Insurance Escrow. Upon the request of Mortgagee, but only on the occurrence of an Event of DefaultDefault or any event or condition shall exist which, Mortgagor but for notice or the passage of time, or both, may result in an Event of Default at the sole option of Lender in order to more fully protect the security of this Mortgage, on written notice to Borrower, Borrower shall pay to Lender, on each of the monthly due dates of interest payments or cause to be paid to Mortgagee on principal and interest payments, as set forth in the first day of each month a sum Note, an amount equal to one-twelfth (1/12) of the amount of annual (ai) all real estate taxestaxes and (ii) insurance premiums for such insurance as is required hereunder. Borrower shall also pay into such account such additional amounts, water and sewer charges and assessments, if any, as estimated to be determined by Lender from time to time by Mortgageetime, becoming due with respect as will provide a sufficient fund at least thirty (30) days prior to the Mortgaged Property on due dates of the next succeeding date upon which installment of such taxes and insurance premiums, for payment of such taxes and insurance premiums so as to realize the same maximum discounts permitted by law. Amounts held hereunder by Lender shall be due non-interest bearing and payable and (b) all premiumsmay be commingled with Lender's other funds. Upon assignment of this Mortgage, computed on an annual basis, for the insurance required to be carried pursuant to paragraph 4 hereof. All such amounts (hereinafter, the “Escrows”) Lender shall be held by Mortgagee in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided however, that if and to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, Mortgagee shall also have the right to charge a reasonable service fee pay over the balance of such amounts then in connection therewith unless prohibited under such law. The Escrows shall be applied its possession to the payment of the respective items in respect of which the Escrows are deposited, or at Mortgagee’s option, to the payment of any such items in such order of priority as Mortgagee assignee and Lender shall determine. If, as the same become due and payable, the amount of Escrows then on deposit therefor shall thereupon be insufficient to pay such item, Mortgagor within five (5) days after demand is made therefor shall deposit the amount of such deficiency with Mortgagee. If there is an event of default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over to its assignee the then balance of the Escrows, such assigning Mortgagee shall have no further obligation to Mortgagor completely released from all liability with respect to such depositsamounts. Upon full payment of the Indebtedness, or, at the election of Lender at any prior time, the balance of such amounts shall be paid over to Borrower and no other party shall have any right or claim thereto. Amounts held by Lender pursuant to this Section 39 may be used by Lender in sufficient time to allow Lender to satisfy Borrower's obligations under the Loan Documents to pay taxes and required insurance premiums, within the maximum discount period, where applicable and shall not bear interest.

Tax and Insurance Escrow. Upon In addition to other payments herein required, the request of Mortgagor shall, at the Mortgagee’s option, but only on exercisable upon the occurrence of an Event of Default, Mortgagor shall now or in the future, pay or cause to be paid to the Mortgagee monthly on the first of each month, or such other day of each the month a sum as may be designated by the Mortgagee during the term hereof, and for so long as the Liabilities secured by this Agreement shall remain unpaid, an amount equal to one-twelfth (1/121/12th) of the municipal taxes and assessments which the Mortgagee estimates will become payable on account of the Mortgaged Premises for the year next succeeding any period for which such taxes and assessments have been paid or escrowed hereunder, and/or one twelfth (1/12th) of the insurance premiums which the Mortgagee estimates will become payable on account of the Collateral for the year next succeeding any period for which such premiums have been paid or escrowed hereunder, sufficient to enable Mortgagee to accumulate at least thirty (30) days prior to the dates upon which such municipal taxes and assessments or insurance premiums are payable the amounts then due and payable. Further, the Mortgagor shall pay to the Mortgagee on demand the amount of (a) all real estate taxes, water any deficiency of the funds so collected when the actual amount of such taxes and sewer charges and assessments, if any, as estimated from time to time by Mortgagee, becoming due with respect to the Mortgaged Property on the next succeeding date upon which the same shall be due and payable and (b) all premiums, computed on an annual basis, for the assessments or insurance required to be carried pursuant to paragraph 4 hereofpremiums become known. All such amounts (hereinafter, the “Escrows”) shall be held by Mortgagee in such manner as it sees fit without any obligation to invest the same or (if invested) to account for any income or loss resulting therefrom; provided however, that if and to the extent that Mortgagee is required under applicable law to invest the escrows for the benefit of Mortgagor, The Mortgagee shall also have maintain such funds in a non-interest bearing account which may be commingled with other funds of the right to charge a reasonable service fee in connection therewith unless prohibited under such lawMortgagee. The Escrows Mortgagee shall be applied apply said funds to the payment of the respective items in respect of which the Escrows are depositedmunicipal taxes and assessments or insurance premiums, or at Mortgagee’s optionas applicable, to the payment of any extent such items in such order of priority as amounts are determined by the Mortgagee shall determine. If, as the same become to be due and payable. In the event the Mortgagee collects such tax or insurance payments hereunder, the amount of Escrows then on deposit therefor Mortgagor shall be insufficient deliver to pay the Mortgagee the bills representing any such item, Mortgagor amounts within five (5) days after demand is made therefor shall deposit of the amount receipt thereof by the Mortgagor. Notwithstanding the provisions of such deficiency with Mortgagee. If there is this Section 4-8, upon an occurrence of an event which is, or, solely with the passage of default time, would be, an Event of Default hereunder, Mortgagee may at its option apply the Escrows or any part thereof in payment of any unpaid portion of the Aggregate Debt. If, when making any assignment of this Open End Mortgage and Security Agreement, the then Mortgagee shall pay over not be required to its assignee apply such funds as provided above, and may set off such funds against the then balance of Liabilities and apply any such funds towards the Escrows, such assigning Mortgagee shall have no further obligation to Mortgagor Liabilities in accordance with respect to such depositsSection 9-6 hereunder.