Common use of Tax and Insurance Impound Clause in Contracts

Tax and Insurance Impound. Upon the occurrence of an Event of Default which is not cured within five days after Lessor shall have given Lessee notice of the occurrence of such Event of Default, Lessor may require Lessee to pay to Lessor sums which will provide an impound account (which shall not be deemed a trust fund) for paying up to the next one year of taxes, assessments and/or insurance premiums for each of the Properties. Upon such requirement, Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installments, as nearly as practicable, in addition to all other sums due under this Lease. Should additional funds be required at any time, Lessee shall pay the same to Lessor on demand. Lessee shall advise Lessor of all taxes and insurance bills which are due and shall cooperate fully with Lessor in assuring that the same are paid timely. Lessor may deposit all impounded funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be added to the impounded funds. In the event of any default by Lessee, Lessor may apply all impounded funds (including any interest) against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to the previous sentence against any sums due from Lessee to Lessor shall be used to pay the taxes and insurance premiums for which they were collected. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from Lessee.

Tax and Insurance Impound. Upon the occurrence of an Event of Default which is not cured within five days after Lessor shall have given resulting from the failure of Lessee notice of to perform any monetary obligation due under this Lease, including, without limitation, the occurrence of such Event of Defaultfailure to pay Base Annual Rental, Additional Rental and/or taxes, assessments and/or insurance premiums as contemplated by this Lease, Lessor may require Lessee to pay to Lessor sums which will provide an impound account (which shall not be deemed a trust fund) for paying up to the next one year of taxes, assessments and/or insurance premiums for each of the Properties. Upon such requirement, Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installments, as nearly as practicable, in addition to all other sums due under this Lease. Should additional funds be required at any time, Lessee shall pay the same to Lessor on demand. Lessee shall advise Lessor of all taxes and insurance bills which are due and shall cooperate fully with Lessor in assuring that the same are paid timely. Lessor may deposit all impounded funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of Lessoragency. Interest or other gains from such funds, if any, shall, so long as no Event of Default shall have occurred and be added continuing, be the sole property of Lessee. Interest or other gains from such funds, if any, shall, if, subsequent to Lessor requiring Lessee to establish such impound account, an Event of Default shall have occurred and be continuing, be the impounded fundssole property of Lessor. In Upon the event occurrence and during the continuance of any default by Lesseean Event of Default, Lessor may apply all impounded funds (including any interest) against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to the previous sentence against any sums due from Lessee to Lessor shall be used to pay the taxes and insurance premiums for which they were collected. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from Lessee. Nothing in this Section 13 shall be interpreted as a waiver by Lessor of any rights Lessor may have under this Lease upon the occurrence and during the continuance of an Event of Default.

Tax and Insurance Impound. Upon the occurrence and during the continuance of an Event of Default which is not cured within five days after Lessor shall have given Lessee notice of the occurrence of such Event of Default, in addition to any other remedies specifically set forth herein, Lessor may require Lessee to pay to Lessor sums which on the first day of each month the amount that Lessor reasonably estimates will provide be necessary in order to accumulate with Lessor sufficient funds in an impound account (which shall not be deemed a trust fund) (the “Reserve”) for paying up Lessor to pay any and all ad valorem real estate taxes (“Real Estate Taxes”) and, provided Lessee does not insure the next one year of taxesProperty under a “blanket policy” as permitted by Section 6.03(d) or self-insure as permitted by Section 6.03(e), assessments and/or insurance premiums (“Insurance Premiums”) for each of the Properties. Upon such requirementProperty for the ensuing twelve (12) months, Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installmentsor, as nearly as practicable, in addition to all other sums if due under this Lease. Should additional funds be required at any timesooner, Lessee shall pay the same required amount promptly upon Lessor’s demand therefor. Lessor shall, upon prior written request of Lessee, provide Lessee with evidence reasonably satisfactory to Lessee that payment of the Real Estate Taxes and Insurance Premiums was made in a timely fashion. In the event that the Reserve does not contain sufficient funds to timely pay any Real Estate Taxes or Insurance Premiums, upon Lessor’s written notification thereof, Lessee shall, within five (5) Business Days of such notice, provide funds to Lessor on demandin the amount of such deficiency. Lessor shall pay or cause to be paid directly to the applicable taxing authorities and insurance company, as the case may be, any Real Estate Taxes and Insurance Premiums then due and payable for which there are funds in the Reserve; provided, however, that in no event shall Lessor be obligated to pay any Real Estate Taxes or Insurance Premiums in excess of the funds held in the Reserve, and Lessee shall remain liable for any and all Real Estate Taxes, including fines, penalties, interest or additional costs imposed by any taxing authority (unless incurred as a result of Lessor’s failure to timely pay Real Estate Taxes for which it had funds in the Reserve) and Insurance Premiums. Lessee shall advise Lessor of all taxes and insurance bills which are due and shall cooperate fully with Lessor in assuring that the same Real Estate Taxes and Insurance Premiums are paid timelytimely paid. Lessor may shall deposit all impounded Reserve funds in accounts insured by any federal or state agency and may shall not commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be added to for the impounded funds. In the event account of any default by Lessee, Lessor may apply all impounded funds (including any interest) against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to the previous sentence against any sums due from Lessee to Lessor shall be used to pay the taxes and insurance premiums for which they were collected. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from Lessee. In no event shall funds held in the Reserve be used by Lessor for any other purpose other than for the payment of Real Estate Taxes and Insurance Premiums; provided that such funds shall be returned to Lessee in the following sentence). Notwithstanding the above, if Lessee cures an Event of Default or Lessor waives an Event of Default, and in either case this Lease remains in full force and effect, then no deposit or impound of Real Estate Taxes or Insurance Premiums shall be required in addition to those required for the first ensuing twelve (12)‑month period following the Event of Default.

Tax and Insurance Impound. Upon the occurrence of an a monetary Event of Default which is not cured within five days after Lessor shall have given Lessee notice of the occurrence of such and with respect to each monetary Event of Default, in addition to any other remedies, Lessor may require Lessee to pay to Lessor sums which on the first day of each month the amount that Lessor reasonably estimates will provide be necessary in order to accumulate with Lessor sufficient funds in an impound account (which shall not be deemed a trust fund) (the “Reserve”) for paying up Lessor to the next one year of taxes, assessments and/or pay any and all real estate taxes (“Real Estate Taxes”) and insurance premiums (“Insurance Premiums”) for each of the Properties. Upon such requirementProperties for the ensuing twelve (12) months, Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installmentsor, as nearly as practicable, in addition to all other sums if due under this Lease. Should additional funds be required at any timesooner, Lessee shall pay the same required amount immediately upon Lessor’s demand therefor. Lessor shall, upon prior written request of Lessee, provide Lessee with evidence reasonably satisfactory to Lessee that payment of the Real Estate Taxes and Insurance Premiums was made in a timely fashion. In the event that the Reserve does not contain sufficient funds to timely pay any Real Estate Taxes or Insurance Premiums, upon Lessor’s written notification thereof, Lessee shall, within five (5) Business Days of such notice, provide funds to Lessor on demandin the amount of such deficiency. Lessor shall pay or cause to be paid directly to the applicable taxing authorities and insurance company, as the case may be, any Real Estate Taxes and Insurance Premiums then due and payable for which there are funds in the Reserve; provided, however, that in no event shall Lessor be obligated to pay any Real Estate Taxes or Insurance Premiums in excess of the funds held in the Reserve, and Lessee shall remain liable for any and all Real Estate Taxes, including fines, penalties, interest or additional costs imposed by any taxing authority (unless incurred as a result of Lessor’s failure to timely pay Real Estate Taxes for which it had funds in the Reserve) and Insurance Premiums. Lessee shall advise Lessor of all taxes and insurance bills which are due and shall cooperate fully with Lessor in assuring that the same Real Estate Taxes and Insurance Premiums are paid timelytimely paid. Lessor may shall deposit all impounded Reserve funds in accounts insured by any federal or state agency agency, and so long as is the Lessor hereunder, it may commingle such funds with its other funds and accounts of Lessor. Interest accounts, and it shall be entitled to interest or other gains from such funds, if any, shall be added to the impounded funds. In the event is no longer the Lessor hereunder, the Lessor shall not be entitled to commingle such funds. Upon an Event of Default, in addition to any default by Lesseeother remedies, Lessor may apply all impounded funds (including any interest) in the Reserve against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to the previous sentence against any sums due from Lessee to Lessor shall be used to pay the taxes and insurance premiums for which they were collected. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from Lessee. Notwithstanding any provision contained herein, if no other Event of Default occurs within twelve (12) months of the Event of Default resulting in the establishment of a Reserve hereunder, the balance of the funds, if any, remaining in the Reserve shall be returned by Lessor to Lessee. Upon a permitted assignment of this Lease by Lessor, Lessor shall transfer the balance, if any, of the Reserve then held by or on behalf of Lessor to the transferee, whereupon Lessor shall be released from all liability related thereto.

Tax and Insurance Impound. Upon the occurrence of an Event of Default which is not cured within five days after Lessor shall have given Lessee notice of the occurrence of such and with respect to each Event of Default, in addition to any other remedies, Lessor may require Lessee to pay to Lessor sums which on the first day of each month the amount that Lessor reasonably estimates will provide be necessary in order to accumulate with Lessor sufficient funds in an impound account (which shall not be deemed a trust fund) (the “Reserve”) for paying up Lessor to the next one year of taxes, assessments and/or pay any and all real estate taxes (“Real Estate Taxes”) and insurance premiums (“Insurance Premiums”) for each of the Properties. Upon such requirementProperties for the ensuing twelve (12) months, Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installmentsor, as nearly as practicable, in addition to all other sums if due under this Lease. Should additional funds be required at any timesooner, Lessee shall pay the same required amount immediately upon Lessor’s demand therefor. Lessor shall, upon prior written request of Lessee, provide Lessee with evidence reasonably satisfactory to Lessee that payment of the Real Estate Taxes and Insurance Premiums was made in a timely fashion. In the event that the Reserve does not contain sufficient funds to timely pay any Real Estate Taxes or Insurance Premiums, upon Lessor’s written notification thereof, Lessee shall, within five (5) Business Days of such notice, provide funds to Lessor on demandin the amount of such deficiency. Lessor shall pay or cause to be paid directly to the applicable taxing authorities and insurance company, as the case may be, any Real Estate Taxes and Insurance Premiums then due and payable for which there are funds in the Reserve; provided, however, that in no event shall Lessor be obligated to pay any Real Estate Taxes or Insurance Premiums in excess of the funds held in the Reserve, and Lessee shall remain liable for any and all Real Estate Taxes, including fines, penalties, interest or additional costs imposed by any taxing authority (unless incurred as a result of Lessor’s failure to timely pay Real Estate Taxes for which it had funds in the Reserve) and Insurance Premiums. In the event that the Event of Default has been cured, Lessor shall promptly return to Lessee any excess funds in the Reserve after the payment of the next installment of Real Estate Taxes and Insurance Premiums. Lessee shall advise Lessor of all taxes and insurance bills which are due and shall cooperate fully with Lessor in assuring that the same Real Estate Taxes and Insurance Premiums are paid timelytimely paid. Lessor may deposit all impounded Reserve funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be added the sole property of Lessor. Upon an Event of Default, in addition to the impounded funds. In the event of any default by Lesseeother remedies, Lessor may apply all impounded funds (including any interest) in the Reserve against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to the previous sentence against any sums due from Lessee to Lessor shall be used to pay the taxes and insurance premiums for which they were collected. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from Lessee.

Tax and Insurance Impound. Upon the occurrence of an Event of Default which is not cured within five days after Lessor shall have given resulting from the failure of Lessee notice of to perform any monetary obligation due under the occurrence of such Event of DefaultLease, including, without limitation, the failure to pay Base Monthly Rental, Additional Rental and/or taxes, assessments and/or insurance premiums as contemplated by this Lease, Lessor may require Lessee to pay to Lessor sums which will provide an impound account (which shall not be deemed a trust fund) for paying up to the next one year of taxes, assessments and/or insurance premiums for each of the Properties; provided, however, that if the Event of Default resulted from the failure to pay taxes, assessments and/or insurance premiums (the "Charges") on any Property, then Lessor may require such impound account for such Property only; provided, further, that in the event of a second occurrence of an Event of Default due to the failure to pay the Charges on such Property or on any other Property, then Lessor may require an impound account with respect to the Charges on all of the Properties as set forth herein. Upon such requirement, Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installments, as nearly as practicable, in addition to all other sums due under this Lease. Should additional funds be required at any time, Lessee shall pay the same to Lessor on demand. Lessee shall advise Lessor of all taxes and insurance bills which are due and shall cooperate fully with Lessor in assuring that the same are paid timely. Lessor may deposit all impounded funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be added to the impounded fundssole property of Lessor. In the event of any default by Lessee, Lessor may apply all impounded funds (including any interest) against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to the previous sentence against any sums due from Lessee to Lessor shall be used to pay the taxes and insurance premiums for which they were collected. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from Lessee.

Tax and Insurance Impound. Upon the occurrence of an a monetary Event of Default which is not cured within five days after Lessor shall have given Lessee notice with respect to the payment of the occurrence of such Event of Defaulttaxes or insurance, in addition to any other remedies, Lessor may require Lessee to pay to Lessor sums which on the first day of each month the amount that Lessor reasonably estimates will provide be necessary in order to accumulate with Lessor sufficient funds in an impound account (which shall not be deemed a trust fund) (the “Reserve”) for paying up Lessor to the next one year of taxes, assessments and/or pay any and all real estate taxes (“Real Estate Taxes”) and insurance premiums (“Insurance Premiums”) for each of the Properties. Upon such requirementProperty for the ensuing twelve (12) months (only), Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installmentsor, as nearly as practicable, in addition to all other sums if due under this Lease. Should additional funds be required at any timesooner, Lessee shall pay the same required amount immediately upon Lessor’s demand therefor. Lessor shall, upon prior written request of Lessee, provide Lessee with evidence reasonably satisfactory to Lessee that payment of the Real Estate Taxes and Insurance Premiums was made in a timely fashion. In the event that the Reserve does not contain sufficient funds to timely pay any Real Estate Taxes or Insurance Premiums, upon Lessor’s written notification thereof, Lessee shall, within five (5) Business Days of such notice, provide funds to Lessor on demandin the amount of such deficiency. Lessor shall pay or cause to be paid directly to the applicable taxing authorities and insurance company, as the case may be, any Real Estate Taxes and Insurance Premiums then due and payable for which there are funds in the Reserve; provided, however, that in no event shall Lessor be obligated to pay any Real Estate Taxes or Insurance Premiums in excess of the funds held in the Reserve, and Lessee shall remain liable for any and all Real Estate Taxes, including fines, penalties, interest or additional costs imposed by any taxing authority (unless incurred as a result of Lessor’s failure to timely pay Real Estate Taxes for which it had funds in the Reserve) and Insurance Premiums. Lessee shall advise Lessor of all taxes and insurance bills which are due and shall cooperate fully with Lessor in assuring that the same Real Estate Taxes and Insurance Premiums are paid timelytimely paid. Lessor may deposit all impounded Reserve funds in accounts insured by any federal or state agency and and, so long as Lessor is the owner of the Property or an Affiliate of Lessor is the property manager of the Property, Lessor may commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be added the sole property of Lessor. Upon an Event of Default, in addition to the impounded funds. In the event of any default by Lesseeother remedies, Lessor may apply all impounded funds (including any interest) against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to in the previous sentence Reserve against any sums due from Lessee to Lessor shall be used with respect to pay the taxes and insurance premiums for which they were collectedEvent of Default. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from Lessee.

Tax and Insurance Impound. Upon the occurrence of an Event of Default which is not cured within five days after Lessor shall have given Lessee notice of the occurrence of such Event of Default, Lessor may require Lessee to pay to Lessor sums which will provide an impound account (which shall not be deemed a trust fund) for paying up to the next one year of taxes, assessments and/or insurance premiums for each of the PropertiesProperties (as such amounts become due). Upon such requirement, Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installments, as nearly as practicable, in addition to all other sums due under this Lease. Should additional funds be required at any time, Lessee shall pay the same to Lessor on demand. Lessee shall advise Lessor of all taxes and insurance bills which are due and shall cooperate fully with Lessor in assuring that the same are paid timelypaid. Lessor may deposit all impounded funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be added to the impounded fundsimpound account. In If an Event of Default shall occur subsequent to Lessor requiring the event establishment of any default by Lesseean impound account pursuant to this Section, Lessor may apply all impounded funds (including any interest) against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to the previous sentence against any sums due from Lessee to Lessor shall be used to pay the taxes and insurance premiums for which they were collected. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from Lessee. Upon the expiration or termination of this Lease and provided that all amounts due and owing to Lessor under this Lease have been paid in full, the remaining balance of the impound account will be returned to Lessee.

Tax and Insurance Impound. Upon the occurrence of an Event of Default which is not cured within five days after Lessor shall have given Lessee notice of the occurrence of such and with respect to each Event of Default, Lessor in addition to any other remedies, Landlord may require Lessee Tenant to pay to Lessor Landlord sums which will provide an impound account (which shall not be deemed a trust fund) for paying up to the next one year of taxes, assessments and/or insurance premiums for each of the Propertiespremiums. Upon such requirement, Lessor Landlord will estimate and notify Tenant of the amounts needed for such purposes purposes, and will notify Lessee to Tenant shall pay the same to Lessor in equal monthly installments, as nearly as practicable, in addition to all other sums due under this LeaseLandlord within ten (10) days of Landlord’s notice thereof. Should additional funds be required at any time, Lessee Tenant shall pay the same to Lessor on Landlord within ten (10) days after demand. Lessee Tenant shall advise Lessor Landlord of all taxes and insurance bills which are due and shall cooperate fully with Lessor Landlord in assuring that the same are paid timelypaid. Lessor Landlord may deposit all impounded funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of LessorLandlord. Interest or other gains from such funds, if any, shall be added the sole property of Landlord. Upon an Event of Default, in addition to the impounded funds. In the event of any default by Lesseeother remedies, Lessor Landlord may apply all impounded funds (including any interest) against any sums due from Lessee Tenant to LessorLandlord. Any collected impound To the extent such application of impounded funds which are not applied pursuant is deemed to be a security deposit, Tenant waives the previous sentence against provisions of Section 1950.7 of the California Civil Code and all similar and successor Laws, that provide that a lessor may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by a lessee or to clean the Property, it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any sums due from Lessee to Lessor shall be used to pay other loss or damage, foreseeable or unforeseeable, caused by the taxes and insurance premiums for which they were collectedact or omission of Tenant or any officer, employee, agent or invitee of Tenant. Lessor Landlord shall give to Lessee Tenant an annual accounting showing all credits and debits to and from such impounded funds received from LesseeTenant.

Tax and Insurance Impound. Upon the occurrence of an Event of Default which is not cured within five days after Lessor shall have given Lessee notice of the occurrence of such and with respect to each Event of Default, in addition to any other remedies, Lessor may require Lessee to pay to Lessor sums which on the first day of each month the amount that Lessor reasonably estimates will provide be necessary in order to accumulate with Lessor sufficient funds in an impound account (which shall not be deemed a trust fund) (the “Reserve”) for paying up Lessor to the next one year of taxes, assessments and/or pay any and all real estate taxes (“Real Estate Taxes”) and insurance premiums (“Insurance Premiums”) for each of the Properties. Upon such requirementProperty for the ensuing twelve (12) months, Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installmentsor, as nearly as practicable, in addition to all other sums if due under this Lease. Should additional funds be required at any timesooner, Lessee shall pay the same required amount immediately upon Lessor’s demand therefor. Lessor shall, upon prior written request of Lessee, provide Lessee with evidence reasonably satisfactory to Lessee that payment of the Real Estate Taxes and Insurance Premiums was made in a timely fashion. In the event that the Reserve does not contain sufficient funds to timely pay any Real Estate Taxes or Insurance Premiums, upon Lessor’s written notification thereof, Lessee shall, within five (5) Business Days of such notice, provide funds to Lessor on demandin the amount of such deficiency. Lessor shall pay or cause to be paid directly to the applicable taxing authorities and insurance company, as the case may be, any Real Estate Taxes and Insurance Premiums then due and payable for which there are funds in the Reserve; provided, however, that in no event shall Lessor be obligated to pay any Real Estate Taxes or Insurance Premiums in excess of the funds held in the Reserve, and Lessee shall remain liable for any and all Real Estate Taxes, including fines, penalties, interest or additional costs imposed by any taxing authority (unless incurred as a result of Lessor’s failure to timely pay Real Estate Taxes for which it had funds in the Reserve) and Insurance Premiums. Lessee shall advise Lessor of all taxes and insurance bills which are due and shall cooperate fully with Lessor in assuring that the same Real Estate Taxes and Insurance Premiums are paid timelytimely paid. Lessor may deposit all impounded Reserve funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be added the sole property of Lessor. Upon an Event of Default, in addition to the impounded funds. In the event of any default by Lesseeother remedies, Lessor may apply all impounded funds (including any interest) in the Reserve against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to the previous sentence against any sums due from Lessee to Lessor shall be used to pay the taxes and insurance premiums for which they were collected. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from Lessee.

Tax and Insurance Impound. Upon As of the occurrence date of this Deed to Secure Debt, Borrower shall pay to Lender on demand for deposit into the Tax and Insurance Impound (as defined below) an amount (1) equal to one-twelfth of the Taxes estimated by Lender to be due to the applicable taxing authorities as of the date such Taxes are first due and payable without penalty or interest after the date hereof multiplied by the number of months elapsed from and including the first month for which such Taxes have been assessed to and including the first month occurring after the month in which this Deed to Secure Debt becomes effective, and (ii) 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 multiplied by the number of months elapsed from and including the first month in which the currently effective Policies became effective to and including the first month occurring after the month in which this Deed to Secure Debt becomes effective. Thereafter, Borrower shall pay to Lender on the first day of each calendar month (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 (the fund into which said amounts in (a) and (b) above shall be deposited is hereinafter called the “Tax and Insurance Impound”). The monthly payment into the Tax and Insurance Impound and the payments of interest and principal payable pursuant to the Note shall be added together and shall be paid as an aggregate sum by Borrower to Lender. Xxxxxxxx agrees to notify Xxxxxx immediately of any changes to the amounts, schedules and instructions for payment of any Taxes and Insurance Premiums of which it has or obtains knowledge and authorizes Lender or its agent to obtain the bills for Taxes and Other Charges directly from the appropriate taxing authority. Borrower hereby pledges to Lender and grants to Lender a security interest in any and all monies now or hereafter deposited in the Tax and Insurance Impound as additional security for the payment of the Debt. Provided that there are sufficient amounts on deposit in the Tax and Insurance Impound and no Event of Default exists, Lender will apply the Tax and Insurance Impound to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant hereto. In making any payment relating to the Tax and Insurance Impound, Lender may do so according to any bill, 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 bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amounts on deposit in the Tax and Insurance Impound shall exceed the amounts due for Taxes and Insurance Premiums, 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 Impound. In allocating such excess, Xxxxxx may deal with the person shown on the records of Xxxxxx to be the owner of the Property. If at any time Lender determines that the amounts on deposit in the Tax and Insurance Impound are not or will not be sufficient to pay the Taxes and Insurance Premiums, 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 expiration of the Policies, as the case may be. Whenever an Event of Default which is not cured within five days after Lessor shall have given Lessee notice exists, Lender may apply any sums then present in the Tax and Insurance Impound to the payment of the occurrence of such Event of DefaultDebt in any order in its sole discretion. Until expended or applied as above provided, Lessor any amounts in the Tax and Insurance Impound shall constitute additional security for the Debt. The Tax and Insurance Impound shall not constitute a trust fund and may require Lessee to pay to Lessor sums which will provide an impound account (be commingled with other monies held by Xxxxxx. Unless otherwise required by applicable law, Borrower shall not receive interest or other earnings on the Tax and Insurance Impound, which shall not be deemed held in Lender’s name at a trust fund) for paying up to the next one year of taxes, assessments and/or insurance premiums for each of the Propertiesfinancial institution selected by Lender in its sole discretion. Upon such requirement, Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installments, as nearly as practicable, in addition to all other sums due under this Lease. Should additional funds be required If Lender so elects at any time, Lessee Borrower shall pay provide, at Borrower’s expense, a tax service contract for the same Term issued by a tax reporting agency acceptable to Lessor on demandLender. Lessee If Xxxxxx does not so elect, Xxxxxxxx shall advise Lessor reimburse Lender for the cost of all taxes and insurance bills which are due and shall cooperate fully with Lessor in assuring that making annual tax searches throughout the same are paid timely. Lessor may deposit all impounded funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be added to the impounded funds. In the event of any default by Lessee, Lessor may apply all impounded funds (including any interest) against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to the previous sentence against any sums due from Lessee to Lessor shall be used to pay the taxes and insurance premiums for which they were collected. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from LesseeTerm.

Tax and Insurance Impound. Upon the occurrence of an Event of Default which is not cured within five days after Lessor shall have given Lessee notice of the occurrence of Default, so long as such Event of DefaultDefault remains uncured, Lessor may require Lessee to pay to deposit with Lessor sums which will provide an impound account (which shall not be deemed a trust fund) for paying up to the next one year of taxes, assessments and/or insurance premiums for each of the Propertiespremiums. Upon such requirement, Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installments, as nearly as practicable, in addition to all other sums due under this Lease. Should additional funds be required at any time, Lessee shall pay the same to Lessor on demand. Lessee shall advise Lessor of all taxes and insurance bills which are due due, and Lessor shall cooperate fully with Lessor Lessee in assuring that the same are paid timelyfrom the impounded funds in a timely manner. Lessor may shall deposit all impounded funds in trust accounts insured by any federal or state agency and may shall not commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be added to the impounded fundssole property of Lessee. In Upon the event occurrence of any default an Event of Default by LesseeLessee under Sections 21A(ii) or (iii), Lessor may apply all impounded funds (including any interest) against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to the previous sentence against any sums due from Lessee to Lessor shall be used to pay the taxes and insurance premiums for which they were collectedhereunder. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from Lessee. Within 60 days after the expiration or earlier termination of this Lease, Lessor shall provide an accounting showing all credits and debits to and from such impounded funds received from Lessee and reimburse to Lessee such funds, if any, in excess of the amount reasonably estimated by Lessor to be necessary to pay unpaid taxes and/or insurance payable by Lessee hereunder and applicable to the period of Lessee’s tenancy under this Lease, even if such amounts are not yet due or payable. Lessor’s obligations under this Section shall survive the expiration or termination of this Lease.

Tax and Insurance Impound. Upon the occurrence of an Event of Default which is not cured within five days after Lessor shall have given Lessee notice of the occurrence of such and with respect to each Event of Default, in addition to any other remedies, Lessor may require Lessee to pay to Lessor sums which on the first day of each month the amount that Lessor reasonably estimates will provide be necessary in order to accumulate with Lessor sufficient funds in an impound account (which shall not be deemed a trust fund) (the “Reserve”) for paying up Lessor to the next one year of taxes, assessments and/or pay any and all real estate taxes (“Real Estate Taxes”) and insurance premiums (“Insurance Premiums”) for each of the Properties. Upon such requirementProperties for the ensuing twelve (12) months, Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installmentsor, as nearly as practicable, in addition to all other sums if due under this Lease. Should additional funds be required at any timesooner, Lessee shall pay the same required amount immediately upon Lessor’s demand therefor. Lessor shall, upon prior written request of Lessee, provide Lessee with evidence reasonably satisfactory to Lessee that payment of the Real Estate Taxes and Insurance Premiums was made in a timely fashion. In the event that the Reserve does not contain sufficient funds to timely pay any Real Estate Taxes or Insurance Premiums, upon Lessor’s written notification thereof, Lessee shall, within five (5) Business Days of such notice, provide funds to Lessor on demandin the amount of such deficiency. Lessor shall pay or cause to be paid directly to the applicable taxing authorities and insurance company, as the case may be, any Real Estate Taxes and Insurance Premiums then due and payable for which there are funds in the Reserve; provided, however, that in no event shall Lessor be obligated to pay any Real Estate Taxes or Insurance Premiums in excess of the funds held in the Reserve, and Lessee shall remain liable for any and all Real Estate Taxes, including fines, penalties, interest or additional costs imposed by any taxing authority (unless incurred as a result of Lessor’s failure to timely pay Real Estate Taxes for which it had funds in the Reserve) and Insurance Premiums. Lessee shall advise Lessor of all taxes and insurance bills which are due and shall cooperate fully with Lessor in assuring that the same Real Estate Taxes and Insurance Premiums are paid timelytimely paid. Lessor may deposit all impounded Reserve funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be added the sole property of Lessor. Upon an Event of Default, in addition to the impounded funds. In the event of any default by Lesseeother remedies, Lessor may apply all impounded funds (including any interest) in the Reserve against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to the previous sentence against any sums due from Lessee to Lessor shall be used to pay the taxes and insurance premiums for which they were collected. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from Lessee.

Tax and Insurance Impound. Upon the occurrence of an Event of Default which is not cured within five days after Lessor shall have given Lessee notice of the occurrence of such each Event of Default, in addition to any other remedies, Lessor may require Lessee to pay to Lessor sums which will provide an impound account (which shall not be deemed a trust fund) for paying up to and only up to the next one year of taxes, assessments and/or insurance premiums for each of the Propertiespremiums. Upon such requirement, Lessor will estimate the amounts needed for such purposes and will notify Lessee to pay the same to Lessor in equal monthly installments, as nearly as practicable, in addition to all other sums Monetary Obligations due under this Lease. Should additional funds be required at any time, Lessee shall pay the same to Lessor on demandwithin ten (10) days after Lessee’s receipt of Lessor’s invoice and substantiating documentation with respect thereto. While such impound provision is in effect, Lessee shall advise Lessor of all taxes and insurance bills which are due and shall cooperate fully with Lessor in assuring that the same are paid timelypaid. Lessor may deposit all impounded funds in accounts insured by any federal or state agency and may commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be added to the impounded fundssole property of Lessee. In the event of any default Event of Default by Lessee, Lessor may apply all impounded funds (including any interest) against any sums due from Lessee to Lessor. Any collected impound funds which are not applied pursuant to the previous sentence against any sums due from Lessee to Lessor shall be used to pay the taxes and insurance premiums for which they were collected. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from LesseeLessee and any amounts in excess of the actual charges paid (or in excess of amounts due from Lessee to Lessor) shall be refunded or credited to the next Rental payments under the Lease.