Common use of Tax and Insurance Impound Clause in Contracts

Tax and Insurance Impound. Upon the occurrence and during the continuance of an Event of Default, in addition to any other remedies specifically set forth herein, Lessor may require Lessee to pay to Lessor on the first day of each month the amount that Lessor reasonably estimates will be necessary in order to accumulate with Lessor sufficient funds in an impound account (which shall be deemed a trust fund) (the “Reserve”) for Lessor to pay any and all ad valorem real estate taxes (“Real Estate Taxes”) and, provided Lessee does not insure the Property under a “blanket policy” as permitted by Section 6.03(d) or self-insure as permitted by Section 6.03(e), insurance premiums (“Insurance Premiums”) for the Property for the ensuing twelve (12) months, or, if due sooner, Lessee shall pay the 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 in 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 cooperate fully with Lessor in assuring that the Real Estate Taxes and Insurance Premiums are timely paid. Lessor shall deposit all Reserve funds in accounts insured by any federal or state agency and shall not commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be for the account of Lessee. 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 a monetary Event of Default and during the continuance of an with respect to each monetary Event of Default, in addition to any other remedies specifically set forth hereinremedies, Lessor may require Lessee to pay to Lessor on the first day of each month the amount that Lessor reasonably estimates will 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 Lessor to pay any and all ad valorem real estate taxes (“Real Estate Taxes”) and, provided Lessee does not insure the Property under a “blanket policy” as permitted by Section 6.03(d) or self-insure as permitted by Section 6.03(e), and insurance premiums (“Insurance Premiums”) for the Property Properties for the ensuing twelve (12) months, or, if due sooner, Lessee shall pay the required amount promptly 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 in 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 cooperate fully with Lessor in assuring that the Real Estate Taxes and Insurance Premiums are timely paid. Lessor shall deposit all Reserve funds in accounts insured by any federal or state agency agency, and shall not 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. In the event is no longer the Lessor hereunder, the Lessor shall not be for entitled to commingle such funds. Upon an Event of Default, in addition to any other remedies, Lessor may apply all impounded funds in the account of LesseeReserve against any sums due from Lessee to Lessor. Lessor shall give to Lessee an annual accounting showing all credits and debits to and from such impounded funds received from Lessee. In Notwithstanding any provision contained herein, if no event shall funds held 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 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 by Lessor to Lessee in Lessee. Upon a permitted assignment of this Lease by Lessor, Lessor shall transfer the following sentence). Notwithstanding the abovebalance, if Lessee cures an Event any, of Default the Reserve then held by or on behalf of Lessor waives an Event of Defaultto the transferee, and in either case this Lease remains in full force and effect, then no deposit or impound of Real Estate Taxes or Insurance Premiums whereupon Lessor shall be required in addition to those required for the first ensuing twelve (12)‑month period following the Event of Defaultreleased from all liability related thereto.

Tax and Insurance Impound. Upon the occurrence and during the continuance of an Event of Default and with respect to each Event of Default, in addition to any other remedies specifically set forth hereinremedies, Lessor may require Lessee to pay to Lessor on the first day of each month the amount that Lessor reasonably estimates will 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 Lessor to pay any and all ad valorem real estate taxes (“Real Estate Taxes”) and, provided Lessee does not insure the Property under a “blanket policy” as permitted by Section 6.03(d) or self-insure as permitted by Section 6.03(e), and insurance premiums (“Insurance Premiums”) for the Property for the ensuing twelve (12) months, or, if due sooner, Lessee shall pay the required amount promptly 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 in 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 cooperate fully with Lessor in assuring that the Real Estate Taxes and Insurance Premiums are timely paid. Lessor shall may deposit all Reserve funds in accounts insured by any federal or state agency and shall not may commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be for the account sole property of LesseeLessor. Upon an Event of Default, in addition to any other remedies, Lessor may apply all impounded funds in the Reserve against any sums due from Lessee to Lessor. 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 and during the continuance of an Event of Default, in addition to any other remedies specifically set forth hereinso long as such Event of Default remains uncured, Lessor may require Lessee to pay to Lessor on the first day of each month the amount that Lessor reasonably estimates will be necessary in order to accumulate deposit with Lessor sufficient funds in sums which will provide an impound account (which shall be deemed a trust fund) (for paying up to the “Reserve”) next one year of taxes, assessments and/or insurance premiums. Upon such requirement, Lessor will estimate the amounts needed for Lessor 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 and all ad valorem real estate taxes (“Real Estate Taxes”) and, provided Lessee does not insure the Property under a “blanket policy” as permitted by Section 6.03(d) or self-insure as permitted by Section 6.03(e), insurance premiums (“Insurance Premiums”) for the Property for the ensuing twelve (12) months, or, if due soonertime, Lessee shall pay the 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 same to Lessor in the amount on demand. Lessee shall advise Lessor of such deficiency. Lessor shall pay or cause to be paid directly to the applicable taxing authorities all taxes and insurance company, as the case may be, any Real Estate Taxes and Insurance Premiums then due and payable for bills 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 Reservedue, 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 Lessor shall cooperate fully with Lessor Lessee in assuring that the Real Estate Taxes and Insurance Premiums same are paid from the impounded funds in a timely paidmanner. Lessor shall deposit all Reserve impounded funds in trust accounts insured by any federal or state agency and shall not commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be for the account sole property of Lessee. Upon the occurrence of an Event of Default by Lessee under Sections 21A(ii) or (iii), Lessor may apply all impounded funds against any sums due from Lessee to Lessor hereunder. 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 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 held received from Lessee and reimburse to Lessee such funds, if any, in excess of the Reserve be used amount reasonably estimated by Lessor for any other purpose other than for to be necessary to pay unpaid taxes and/or insurance payable by Lessee hereunder and applicable to the payment period of Real Estate Taxes and Insurance Premiums; provided that Lessee’s tenancy under this Lease, even if such funds amounts are not yet due or payable. Lessor’s obligations under this Section shall be returned to Lessee in survive the following sentence). Notwithstanding the above, if Lessee cures an Event expiration or termination 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 DefaultLease.

Tax and Insurance Impound. Upon As of the occurrence and during the continuance date of an Event this Deed of DefaultTrust, in addition to any other remedies specifically set forth herein, Lessor may require Lessee to Trustor shall pay to Lessor Beneficiary on demand for deposit into the Tax and Insurance Impound (as defined below) an amount (i) equal to one-twelfth of the Taxes estimated by Beneficiary 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 of Trust becomes effective, and (ii) one-twelfth of the Insurance Premiums that Beneficiary 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 of Trust becomes effective. Thereafter, Trustor shall pay to Beneficiary on the first day of each calendar month (a) one-twelfth of the amount Taxes that Lessor reasonably Beneficiary estimates will be necessary payable during the next ensuing twelve (12) months in order to accumulate with Lessor Beneficiary 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 Beneficiary estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in an impound account order to accumulate with Beneficiary 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 deemed a trust fund) (deposited is hereinafter called the “ReserveTax and Insurance Impound”) ). The monthly payment into the Tax and Insurance Impound and the payments of interest payable pursuant to the Note shall be added together and shall be paid as an aggregate sum by Trustor to Beneficiary. Trustor agrees to notify Beneficiary immediately of any changes to the amounts, schedules and instructions for Lessor to pay any and all ad valorem real estate taxes (“Real Estate Taxes”) and, provided Lessee does not insure the Property under a “blanket policy” as permitted by Section 6.03(d) or self-insure as permitted by Section 6.03(e), insurance premiums (“Insurance Premiums”) for the Property for the ensuing twelve (12) months, or, if due sooner, Lessee shall pay the 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 any Taxes and Insurance Premiums was of which it has or obtains knowledge and authorizes Beneficiary or its agent to obtain the bills for Taxes and Other Charges directly from the appropriate taxing authority. Trustor hereby pledges to Beneficiary and grants to Beneficiary 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 that is then continuing, Beneficiary will apply the Tax and Insurance Impound to payments of Taxes and Insurance Premiums required to be made in a timely fashionby Trustor pursuant hereto. In making any payment relating to the event that Tax and Insurance Impound, Beneficiary may do so according to any xxxx, statement or estimate procured from the Reserve does not contain sufficient funds appropriate public office (with respect to timely pay Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any Real Estate 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 or and Insurance Premiums, upon Lessor’s written notification thereof, Lessee Beneficiary shall, within five (5) Business Days in its sole discretion, return any excess to Trustor or credit such excess against future payments to be made to the Tax and Insurance Impound. In allocating such excess, Beneficiary may deal with the person shown on the records of Beneficiary to be the owner of the Trust Property. If at any time Beneficiary 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, Beneficiary shall notify Trustor of such notice, provide funds determination and Trustor shall increase its monthly payments to Lessor in Beneficiary by the amount that Beneficiary estimates is sufficient to make up the deficiency at least thirty (30) days prior to delinquency of such deficiency. Lessor shall pay or cause to be paid directly to the applicable taxing authorities and insurance companyTaxes and/or expiration of the Policies, 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 cooperate fully with Lessor in assuring that the Real Estate Taxes and Insurance Premiums are timely paid. Lessor shall deposit all Reserve funds in accounts insured by any federal or state agency and shall not commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be for the account of Lessee. 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 Whenever an Event of Default exists that is then continuing, Beneficiary may apply any sums then present in the Tax and Insurance Impound to the payment of the Debt in any order in its sole discretion. Until expended or Lessor waives an Event of Defaultapplied as above provided, any amounts in the Tax and in either case this Lease remains in full force Insurance Impound shall constitute additional security for the Debt. The Tax and effectInsurance Impound shall not constitute a trust fund and may be commingled with other monies held by Beneficiary. Unless otherwise required by applicable law, then no deposit Trustor shall not receive interest or impound of Real Estate Taxes or other earnings on the Tax and Insurance Premiums Impound, which shall be required held in addition to those required Beneficiary’s name at a financial institution selected by Beneficiary in its sole discretion. If Beneficiary so elects at any time, Trustor shall provide, at Trustor’s expense, a tax service contract for the first ensuing twelve (12)‑month period following Term issued by a tax reporting agency acceptable to Beneficiary. If Beneficiary does not so elect, Trustor shall reimburse Beneficiary for the Event cost of Defaultmaking annual tax searches throughout the Term.

Tax and Insurance Impound. Upon the occurrence and during the continuance of an a monetary Event of DefaultDefault with respect to the payment of taxes or insurance, in addition to any other remedies specifically set forth hereinremedies, Lessor may require Lessee to pay to Lessor on the first day of each month the amount that Lessor reasonably estimates will 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 Lessor to pay any and all ad valorem real estate taxes (“Real Estate Taxes”) and, provided Lessee does not insure the Property under a “blanket policy” as permitted by Section 6.03(d) or self-insure as permitted by Section 6.03(e), and insurance premiums (“Insurance Premiums”) for the Property for the ensuing twelve (12) monthsmonths (only), or, if due sooner, Lessee shall pay the required amount promptly 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 in 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 cooperate fully with Lessor in assuring that the Real Estate Taxes and Insurance Premiums are timely paid. Lessor shall may deposit all Reserve funds in accounts insured by any federal or state agency and shall not 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 for the account sole property of LesseeLessor. Upon an Event of Default, in addition to any other remedies, Lessor may apply all impounded funds in the Reserve against any sums due from Lessee to Lessor with respect to the Event of Default. 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 As of the occurrence and during the continuance date of an Event of Defaultthis Deed to Secure Debt, in addition to any other remedies specifically set forth herein, Lessor may require Lessee to Borrower shall pay to Lessor 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 amount Taxes that Lessor reasonably Lender estimates will be necessary payable during the next ensuing twelve (12) months in order to accumulate with Lessor 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 an impound account 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 deemed a trust fund) (deposited is hereinafter called the “ReserveTax 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 Lessor to pay any and all ad valorem real estate taxes (“Real Estate Taxes”) and, provided Lessee does not insure the Property under a “blanket policy” as permitted by Section 6.03(d) or self-insure as permitted by Section 6.03(e), insurance premiums (“Insurance Premiums”) for the Property for the ensuing twelve (12) months, or, if due sooner, Lessee shall pay the 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 any Taxes and Insurance Premiums was 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 in a timely fashionby Borrower pursuant hereto. In making any payment relating to the event that Tax and Insurance Impound, Lender may do so according to any bill, statement or estimate procured from the Reserve does not contain sufficient funds appropriate public office (with respect to timely pay 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 Real Estate 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 or and Insurance Premiums, upon Lessor’s written notification thereof, Lessee Lender shall, within five (5) Business Days 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 notice, provide funds determination and Borrower shall increase its monthly payments to Lessor in Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to delinquency of such deficiency. Lessor shall pay or cause to be paid directly to the applicable taxing authorities and insurance companyTaxes and/or expiration of the Policies, 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 cooperate fully with Lessor in assuring that the Real Estate Taxes and Insurance Premiums are timely paid. Lessor shall deposit all Reserve funds in accounts insured by any federal or state agency and shall not commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be for the account of Lessee. 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 Whenever an Event of Default exists, Lender may apply any sums then present in the Tax and Insurance Impound to the payment of the Debt in any order in its sole discretion. Until expended or Lessor waives an Event of Defaultapplied as above provided, any amounts in the Tax and in either case this Lease remains in full force Insurance Impound shall constitute additional security for the Debt. The Tax and effectInsurance Impound shall not constitute a trust fund and may be commingled with other monies held by Xxxxxx. Unless otherwise required by applicable law, then no deposit Borrower shall not receive interest or impound of Real Estate Taxes or other earnings on the Tax and Insurance Premiums Impound, which shall be required held in addition to those required Lender’s name at a financial institution selected by Lender in its sole discretion. If Lender so elects at any time, Borrower shall provide, at Borrower’s expense, a tax service contract for the first ensuing twelve (12)‑month period following Term issued by a tax reporting agency acceptable to Lender. If Xxxxxx does not so elect, Xxxxxxxx shall reimburse Lender for the Event cost of Defaultmaking annual tax searches throughout the Term.

Tax and Insurance Impound. Upon the occurrence and during the continuance of an Event of Default and with respect to each Event of Default, in addition to any other remedies specifically set forth hereinremedies, Lessor may require Lessee to pay to Lessor on the first day of each month the amount that Lessor reasonably estimates will 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 Lessor to pay any and all ad valorem real estate taxes (“Real Estate Taxes”) and, provided Lessee does not insure the Property under a “blanket policy” as permitted by Section 6.03(d) or self-insure as permitted by Section 6.03(e), and insurance premiums (“Insurance Premiums”) for the Property Properties for the ensuing twelve (12) months, or, if due sooner, Lessee shall pay the required amount promptly 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 in 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 cooperate fully with Lessor in assuring that the Real Estate Taxes and Insurance Premiums are timely paid. Lessor shall may deposit all Reserve funds in accounts insured by any federal or state agency and shall not may commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be for the account sole property of LesseeLessor. Upon an Event of Default, in addition to any other remedies, Lessor may apply all impounded funds in the Reserve against any sums due from Lessee to Lessor. 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 As of the occurrence and during the continuance date of an Event this Deed of DefaultTrust, in addition to any other remedies specifically set forth herein, Lessor may require Lessee to Trustor shall pay to Lessor Beneficiary on demand for deposit into the Tax and Insurance Impound (as defined below) an amount (i) equal to one-twelfth of the Taxes estimated by Beneficiary 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 of Trust becomes effective, and (ii) one-twelfth of the Insurance Premiums that Beneficiary 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 of Trust becomes effective. Thereafter, Trustor shall pay to Beneficiary on the first day of each calendar month (a) one-twelfth of the amount Taxes that Lessor reasonably Beneficiary estimates will be necessary payable during the next ensuing twelve (12) months in order to accumulate with Lessor Beneficiary 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 Beneficiary estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in an impound account order to accumulate with Beneficiary 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 deemed a trust fund) (deposited is hereinafter called the “ReserveTax and Insurance Impound”) ). The monthly payment into the Tax and Insurance Impound and the payments of interest payable pursuant to the Note shall be added together and shall be paid as an aggregate sum by Trustor to Beneficiary. Trustor agrees to notify Beneficiary immediately of any changes to the amounts, schedules and instructions for Lessor to pay any and all ad valorem real estate taxes (“Real Estate Taxes”) and, provided Lessee does not insure the Property under a “blanket policy” as permitted by Section 6.03(d) or self-insure as permitted by Section 6.03(e), insurance premiums (“Insurance Premiums”) for the Property for the ensuing twelve (12) months, or, if due sooner, Lessee shall pay the 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 any Taxes and Insurance Premiums was of which it has or obtains knowledge and authorizes Beneficiary or its agent to obtain the bills for Taxes and Other Charges directly from the appropriate taxing authority. Trustor hereby pledges to Beneficiary and grants to Beneficiary 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 that is then continuing. Beneficiary will apply the Tax and Insurance Impound to payments of Taxes and Insurance Premiums required to be made in a timely fashionby Trustor pursuant hereto. In making any payment relating to the event that Tax and Insurance Impound, Beneficiary may do so according to any xxxx, statement or estimate procured from the Reserve does not contain sufficient funds appropriate public office (with respect to timely pay Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any Real Estate 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 or and Insurance Premiums, upon Lessor’s written notification thereof, Lessee Beneficiary shall, within five (5) Business Days in its sole discretion, return any excess to Trustor or credit such excess against future payments to be made to the Tax and Insurance Impound. In allocating such excess, Beneficiary may deal with the person shown on the records of Beneficiary to be the owner of the Trust Property. If at any time Beneficiary 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, Beneficiary shall notify Trustor of such notice, provide funds determination and Trustor shall increase its monthly payments to Lessor in Beneficiary by the amount that Beneficiary estimates is sufficient to make up the deficiency at least thirty (30) days prior to delinquency of such deficiency. Lessor shall pay or cause to be paid directly to the applicable taxing authorities and insurance companyTaxes and/or expiration of the Policies, 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 cooperate fully with Lessor in assuring that the Real Estate Taxes and Insurance Premiums are timely paid. Lessor shall deposit all Reserve funds in accounts insured by any federal or state agency and shall not commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be for the account of Lessee. 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 Whenever an Event of Default exists that is then continuing, Beneficiary may apply any sums then present in the Tax and Insurance Impound to the payment of the Debt in any order in its sole discretion. Until expended or Lessor waives an Event of Defaultapplied as above provided, any amounts in the Tax and in either case this Lease remains in full force Insurance Impound shall constitute additional security for the Debt. The Tax and effectInsurance Impound shall not constitute a trust fund and may be commingled with other monies held by Beneficiary. Unless otherwise required by applicable law, then no deposit Trustor shall not receive interest or impound of Real Estate Taxes or other earnings on the Tax and Insurance Premiums Impound, which shall be required held in addition to those required Beneficiary’s name at a financial institution selected by Beneficiary in its sole discretion. If Beneficiary so elects at any time, Trustor shall provide, at Trustor’s expense, a tax service contract for the first ensuing twelve (12)‑month period following Term issued by a tax reporting agency acceptable to Beneficiary. If Beneficiary does not so elect, Trustor shall reimburse Beneficiary for the Event cost of Defaultmaking annual tax searches throughout the Term.

Tax and Insurance Impound. Upon the occurrence and during the continuance of an Event of Default and with respect to each Event of Default, in addition to any other remedies specifically set forth hereinremedies, Lessor may require Lessee to pay to Lessor on the first day of each month the amount that Lessor reasonably estimates will 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 Lessor to pay any and all ad valorem real estate taxes (“Real Estate Taxes”) and, provided Lessee does not insure the Property under a “blanket policy” as permitted by Section 6.03(d) or self-insure as permitted by Section 6.03(e), and insurance premiums (“Insurance Premiums”) for the Property Properties for the ensuing twelve (12) months, or, if due sooner, Lessee shall pay the required amount promptly 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 in 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 cooperate fully with Lessor in assuring that the Real Estate Taxes and Insurance Premiums are timely paid. Lessor shall may deposit all Reserve funds in accounts insured by any federal or state agency and shall not may commingle such funds with other funds and accounts of Lessor. Interest or other gains from such funds, if any, shall be for the account sole property of LesseeLessor. Upon an Event of Default, in addition to any other remedies, Lessor may apply all impounded funds in the Reserve against any sums due from Lessee to Lessor. 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.