Common use of Tax and Insurance Impound Clause in Contracts

Tax and Insurance Impound. As of the date of this Deed of Trust, Trustor shall pay to 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 Taxes that Beneficiary estimates will be payable during the next ensuing twelve (12) months in order to accumulate with 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 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 deposited is hereinafter called the “Tax 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 payment of any Taxes and Insurance Premiums 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 by Trustor pursuant hereto. In making any payment relating to the Tax and Insurance Impound, Beneficiary may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, 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, Beneficiary shall, 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 determination and Trustor shall increase its monthly payments to Beneficiary by the amount that Beneficiary 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 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 applied as above provided, 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 be commingled with other monies held by Beneficiary. Unless otherwise required by applicable law, Trustor shall not receive interest or other earnings on the Tax and Insurance Impound, which shall be held in 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 Term issued by a tax reporting agency acceptable to Beneficiary. If Beneficiary does not so elect, Trustor shall reimburse Beneficiary for the cost of making annual tax searches throughout the Term.

Tax and Insurance Impound. As of the date of this Deed of Trust, Trustor shall pay to 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 Taxes that Beneficiary estimates will be payable during the next ensuing twelve (12) months in order to accumulate with 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 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 deposited is hereinafter called the “Tax 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 payment of any Taxes and Insurance Premiums 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 by Trustor pursuant hereto. In making any payment relating to the Tax and Insurance Impound, Beneficiary may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, 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, Beneficiary shall, 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 determination and Trustor shall increase its monthly payments to Beneficiary by the amount that Beneficiary 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 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 applied as above provided, 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 be commingled with other monies held by Beneficiary. Unless otherwise required by applicable law, Trustor shall not receive interest or other earnings on the Tax and Insurance Impound, which shall be held in 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 Term issued by a tax reporting agency acceptable to Beneficiary. If Beneficiary does not so elect, Trustor shall reimburse Beneficiary for the cost of making annual tax searches throughout the Term.

Tax and Insurance Impound. As of the date of this Deed of Trust, Trustor shall pay to Beneficiary on demand for deposit into the Tax (a) If and Insurance Impound (as defined below) an amount when (i) equal any Taxes are due and payable and the tenant under the Aurora Lease is not obligated under the Aurora Lease to one-twelfth pay such Taxes, or (ii) any of the Taxes estimated by Beneficiary are delinquent due to be Aurora's failure to pay the same and neither Aurora nor Mortgagor is contesting such Taxes, or (iii) any of the Aurora Policies have expired due to the applicable taxing authorities as failure of Aurora to pay the date such Taxes are first due and payable without penalty or interest after premiums to renew the date hereof multiplied by the number same (each 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(i), (ii), and (iiiii) one-twelfth constituting a "T&I Triaaerine, Event"), Mortgagor shall, following written demand from Mortgagee, commence and thereafter comply with all of the Insurance Premiums terms and provisions of Subparagraph (b) of this Paragraph 5 unless within ten (10) days following receipt of such notice Mortgagor provides evidence to Mortgagee that Beneficiary estimates will be payable for all such delinquent Taxes (and any interest and penalties due thereon) have been paid in full or are being contested as permitted under this Mortgage or 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 Aurora Lease and/or all such expired Aurora Polices have either been renewed or replaced with all applicable Policies. (b) Commencing on the first (15t) day of the first calendar month occurring following written demand by Mortgagee (the "T&I Start Date") and continuing on the first (15`) day of each calendar month thereafter, Mortgagor shall pay to Mortgagee an amount equal to (ai) one-twelfth of the Taxes that Beneficiary Mortgagee reasonably estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Beneficiary Mortgagee sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates, and (bii) one-twelfth of the Insurance Premiums that Beneficiary Mortgagee reasonably estimates will be payable for the renewal of the coverage afforded by the Aurora Policies or the Policies, as applicable, upon the expiration thereof in order to accumulate with Beneficiary Mortgagee 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 provided for in clauses (ai) and (bii) of this Subparagraph above shall be deposited is hereinafter called the “"Tax and Insurance Impound”"). The monthly payment into the Tax and Insurance Impound and the monthly payments of interest payable pursuant to the Note shall be added together and shall be paid as an aggregate sum by Trustor Mortgagor to BeneficiaryMortgagee. Trustor Mortgagor agrees to notify Beneficiary Mortgagee 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 Beneficiary Mortgagee or its agent to obtain the bills for Taxes and Other Charges directly from the appropriate taxing authority. Trustor Mortgagor hereby pledges to Beneficiary Mortgagee and grants to Beneficiary Mortgagee 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 Mortgagee has not accelerated the Maturity Date, Mortgagee will apply the Tax and Insurance Impound to payments of Taxes and Insurance Premiums required to be made by Trustor Mortgagor pursuant hereto. In making any payment relating to the Tax and Insurance Impound, Beneficiary Mortgagee may do so according to any xxxxbxxx, 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 xxxxbxxx, 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, Beneficiary Mortgagee shall, in its sole discretion, return any excess to Trustor Mortgagor 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 Mortgagee reasonably 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 Mortgagee shall notify Trustor Mortgagor of such determination detellnination and Trustor Mortgagor shall increase its monthly payments to Beneficiary Mortgagee by the amount that Beneficiary Mortgagee reasonably 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. On the T&I Start Date, Mortgagor shall also pay to Mortgagee on demand for deposit into the Tax and Insurance Impound an amount equal to (x) one-twelfth of the Taxes that Mortgagee reasonably estimates 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 T&I Start Date 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 the T&I Start Date occurs plus (y) one-twelfth of the Insurance Premiums that Mortgagee reasonably 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 then effective Policies became effective to and including the first month occurring after the month in which the T&I Start Date occurs. Whenever an Event of Default exists that is then continuingMortgagee has accelerated the Maturity Date, Beneficiary Mortgagee 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 expended, applied as above providedprovided or returned to Mortgagor, 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 be commingled with other monies held by BeneficiaryMortgagee. Unless otherwise required by applicable law, Trustor Mortgagor shall not receive interest or other earnings on the Tax and Insurance Impound, which shall be held in Beneficiary’s Mortgagee's name at a financial institution selected by Beneficiary Mortgagee in its sole discretion. Following payment of the Debt in full, any funds remaining on deposit in the Tax and Insurance Impound will be disbursed to Mortgagor. Additionally, upon Mortgagor's cure of the Triggering Event and provided no Event of Default exists, Mortgagee shall disburse all funds in the Tax and Insurance Impound to Mortgagor and Mortgagor's obligations under this Paragraph 5 shall cease unless and until a T&I Triggering Event occurs; provided, however, if a T&I Triggering Event occurs two (2) times during the Term, Mortgagor's obligations under this Paragraph 5 shall be ongoing and Mortgagor shall not be entitle to have the funds in the Tax and Insurance Impound released to it until the Debt is paid in full. (c) If Beneficiary Mortgagee so elects at any time, Trustor Mortgagor shall provide, at Trustor’s Mortgagor's reasonable expense, a tax service contract for the Term issued by a tax reporting agency acceptable to BeneficiaryMortgagee. If Beneficiary Mortgagee does not so elect, Trustor Mortgagor shall reimburse Beneficiary Mortgagee for the reasonable cost of making annual tax searches throughout the Term.

Tax and Insurance Impound. As of the date of this Deed of Trust, Trustor shall pay to Beneficiary on demand for deposit into the Tax (a) If and Insurance Impound (as defined below) an amount when (i) equal any Taxes are due and payable and the tenant under the Aurora Lease is not obligated under the Aurora Lease to one-twelfth pay such Taxes, or (ii) any of the Taxes estimated by Beneficiary are delinquent due to be Aurora's failure to pay the same and neither Aurora nor Mortgagor is contesting such Taxes, or (iii) any of the Aurora Policies have expired due to the applicable taxing authorities as failure of Aurora to pay the date such Taxes are first due and payable without penalty or interest after premiums to renew the date hereof multiplied by the number same (each 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(i), (ii), and (iiiii) one-twelfth constituting a "T&I Triggering_ Event"), Mortgagor shall, following written demand from Mortgagee, commence and thereafter comply with all of the Insurance Premiums terms and provisions of Subparagraph (b) of this Paragraph 5 unless within ten (10) days following receipt of such notice Mortgagor provides evidence to Mortgagee that Beneficiary estimates will be payable for all such delinquent Taxes (and any interest and penalties due thereon) have been paid in full or are being contested as xxx milted under this Mortgage or 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 Aurora Lease and/or all such expired Aurora Polices have either been renewed or replaced with all applicable Policies. (b) Commencing on the first (1st) day of the first calendar month occurring following written demand by Mortgagee (the "T&I Start Date") and continuing on the first (1st) day of each calendar month thereafter, Mortgagor shall pay to Mortgagee an amount equal to (ai) one-twelfth of the Taxes that Beneficiary Mortgagee reasonably estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Beneficiary Mortgagee sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates, and (bii) one-twelfth of the Insurance Premiums that Beneficiary Mortgagee reasonably estimates will be payable for the renewal of the coverage afforded by the Aurora Policies or the Policies, as applicable, upon the expiration thereof in order to accumulate with Beneficiary Mortgagee 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 provided for in clauses (ai) and (bii) of this Subparagraph above shall be deposited is hereinafter called the “"Tax and Insurance Impound”"). The monthly payment into the Tax and Insurance Impound and the monthly payments of interest payable pursuant to the Note shall be added together and shall be paid as an aggregate sum by Trustor Mortgagor to BeneficiaryMortgagee. Trustor Mortgagor agrees to notify Beneficiary Mortgagee 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 Beneficiary Mortgagee or its agent to obtain the bills for Taxes and Other Charges directly from the appropriate taxing authority. Trustor Mortgagor hereby pledges to Beneficiary Mortgagee and grants to Beneficiary Mortgagee 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 Mortgagee has not accelerated the Maturity Date, Mortgagee will apply the Tax and Insurance Impound to payments of Taxes and Insurance Premiums required to be made by Trustor Mortgagor pursuant hereto. In making any payment relating to the Tax and Insurance Impound, Beneficiary Mortgagee may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, 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, Beneficiary Mortgagee shall, in its sole discretion, return any excess to Trustor Mortgagor 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 Mortgagee reasonably deteimines 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 Mortgagee shall notify Trustor Mortgagor of such determination detei 'inflation and Trustor Mortgagor shall increase its monthly payments to Beneficiary Mortgagee by the amount that Beneficiary Mortgagee reasonably 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. On the T&I Start Date, Mortgagor shall also pay to Mortgagee on demand for deposit into the Tax and Insurance Impound an amount equal to (x) one-twelfth of the Taxes that Mortgagee reasonably estimates 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 T&I Start Date 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 the T&I Start Date occurs plus (y) one-twelfth of the Insurance Premiums that Mortgagee reasonably 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 then effective Policies became effective to and including the first month occurring after the month in which the T&I Start Date occurs. Whenever an Event of Default exists that is then continuingMortgagee has accelerated the Maturity Date, Beneficiary Mortgagee 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 expended, applied as above providedprovided or returned to Mortgagor, 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 be commingled with other monies held by BeneficiaryMortgagee. Unless otherwise required by applicable law, Trustor Mortgagor shall not receive interest or other earnings on the Tax and Insurance Impound, which shall be held in Beneficiary’s Mortgagee's name at a financial institution selected by Beneficiary Mortgagee in its sole discretion. Following payment of the Debt in full, any funds remaining on deposit in the Tax and Insurance Impound will be disbursed to Mortgagor. Additionally, upon Mortgagor's cure of the Triggering Event and provided no Event of Default exists, Mortgagee shall disburse all funds in the Tax and Insurance Impound to Mortgagor and Mortgagor's obligations under this Paragraph 5 shall cease unless and until a T&I Triggering Event occurs; provided, however, if a T&I Triggering Event occurs two (2) times during the Term, Mortgagor's obligations under this Paragraph 5 shall be ongoing and Mortgagor shall not be entitle to have the funds in the Tax and Insurance Impound released to it until the Debt is paid in full. (c) If Beneficiary Mortgagee so elects at any time, Trustor Mortgagor shall provide, at Trustor’s Mortgagor's reasonable expense, a tax service contract for the Term issued by a tax reporting agency acceptable to BeneficiaryMortgagee. If Beneficiary Mortgagee does not so elect, Trustor Mortgagor shall reimburse Beneficiary Mortgagee for the reasonable cost of making annual tax searches throughout the Term.

Tax and Insurance Impound. As of the date of this Deed of Trust, Trustor shall pay to Beneficiary on demand for deposit into the Tax (a) If and Insurance Impound (as defined below) an amount when (i) equal any Taxes are due and payable and the tenant under the Aurora Lease is not obligated under the Aurora Lease to one-twelfth pay such Taxes, or (ii) any of the Taxes estimated by Beneficiary are delinquent due to be Aurora's failure to pay the same and neither Aurora nor Mortgagor is contesting such Taxes, or (iii) any of the Aurora Policies have expired due to the applicable taxing authorities as failure of Aurora to pay the date such Taxes are first due and payable without penalty or interest after premiums to renew the date hereof multiplied by the number same (each 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(i), (ii), and (iiiii) one-twelfth constituting a "T&I Triggering Event"), Mortgagor shall, following written demand from Mortgagee, commence and thereafter comply with all of the Insurance Premiums teens and provisions of Subparagraph (b) of this Paragraph 5 unless within ten (10) days following receipt of such notice Mortgagor provides evidence to Mortgagee that Beneficiary estimates will be payable for all such delinquent Taxes (and any interest and penalties due thereon) have been paid in full or are being contested as permitted under this Mortgage or 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 Aurora Lease and/or all such expired Aurora Polices have either been renewed or replaced with all applicable Policies. (b) Commencing on the first (15t) day of the first calendar month occurring following written demand by Mortgagee (the "T&I Start Date") and continuing on the first (1st) day of each calendar month thereafter, Mortgagor shall pay to Mortgagee an amount equal to (ai) one-twelfth of the Taxes that Beneficiary Mortgagee reasonably estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Beneficiary Mortgagee sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates, and (bii) one-twelfth of the Insurance Premiums that Beneficiary Mortgagee reasonably estimates will be payable for the renewal of the coverage afforded by the Aurora Policies or the Policies, as applicable, upon the expiration thereof in order to accumulate with Beneficiary Mortgagee 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 provided for in clauses (ai) and (bii) of this Subparagraph above shall be deposited is hereinafter called the “"Tax and Insurance Impound”"). The monthly payment into the Tax and Insurance Impound and the monthly payments of interest payable pursuant to the Note shall be added together and shall be paid as an aggregate sum by Trustor Mortgagor to BeneficiaryMortgagee. Trustor Mortgagor agrees to notify Beneficiary Mortgagee 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 Beneficiary Mortgagee or its agent to obtain the bills for Taxes and Other Charges directly from the appropriate taxing authority. Trustor Mortgagor hereby pledges to Beneficiary Mortgagee and grants to Beneficiary Mortgagee 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 Mortgagee has not accelerated the Maturity Date, Mortgagee will apply the Tax and Insurance Impound to payments of Taxes and Insurance Premiums required to be made by Trustor Mortgagor pursuant hereto. In making any payment relating to the Tax and Insurance Impound, Beneficiary Mortgagee may do so according to any xxxxbxxx, 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 xxxxbxxx, 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, Beneficiary Mortgagee shall, in its sole discretion, return any excess to Trustor Mortgagor 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 Mortgagee reasonably deteimines 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 Mortgagee shall notify Trustor Mortgagor of such determination deteunination and Trustor Mortgagor shall increase its monthly payments to Beneficiary Mortgagee by the amount that Beneficiary Mortgagee reasonably 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. On the T&I Start Date, Mortgagor shall also pay to Mortgagee on demand for deposit into the Tax and Insurance Impound an amount equal to (x) one-twelfth of the Taxes that Mortgagee reasonably estimates 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 T&I Start Date 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 the T&I Start Date occurs plus (y) one-twelfth of the Insurance Premiums that Mortgagee reasonably 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 then effective Policies became effective to and including the first month occurring after the month in which the T&I Start Date occurs. Whenever an Event of Default exists that is then continuingMortgagee has accelerated the Maturity Date, Beneficiary Mortgagee 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 expended, applied as above providedprovided or returned to Mortgagor, 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 be commingled with other monies held by BeneficiaryMortgagee. Unless otherwise required by applicable law, Trustor Mortgagor shall not receive interest or other earnings on the Tax and Insurance Impound, which shall be held in Beneficiary’s Mortgagee's name at a financial institution selected by Beneficiary Mortgagee in its sole discretion. Following payment of the Debt in full, any funds remaining on deposit in the Tax and Insurance Impound will be disbursed to Mortgagor. Additionally, upon Mortgagor's cure of the Triggering Event and provided no Event of Default exists, Mortgagee shall disburse all funds in the Tax and Insurance Impound to Mortgagor and Mortgagor's obligations under this Paragraph 5 shall cease unless and until a T&I Triggering Event occurs; provided, however, if a T&I Triggering Event occurs two (2) times during the Term, Mortgagor's obligations under this Paragraph 5 shall be ongoing and Mortgagor shall not be entitle to have the funds in the Tax and Insurance Impound released to it until the Debt is paid in full. (c) If Beneficiary Mortgagee so elects at any time, Trustor Mortgagor shall provide, at Trustor’s Mortgagor's reasonable expense, a tax service contract for the Term issued by a tax reporting agency acceptable to BeneficiaryMortgagee. If Beneficiary Mortgagee does not so elect, Trustor Mortgagor shall reimburse Beneficiary Mortgagee for the reasonable cost of making annual tax searches throughout the Term.