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. SECTION 33.01. Upon the occurrence of an Event of Default which is not cured within five days after Lessor shall have given Lessee notice in the payment of the occurrence of such Event of Defaulttaxes or insurance as required by this Lease by Tenant, Lessor 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 sufficient to the next one year of pay all taxes, assessments and/or and insurance premiums for each of coming due during the Propertiesforthcoming year. Upon such requirement, Lessor Landlord will estimate the amounts needed for such purposes and will notify Lessee Tenant to pay the same to Lessor Landlord 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 Tenant shall pay the same to Lessor Landlord on 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 Federal or state 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 to the impounded fundssole property of Landlord. In the event of any default Event of Default by LesseeTenant, Lessor Landlord may apply all impounded funds (including any interest) against any sums due from Lessee Tenant to LessorLandlord. 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 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 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 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.

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.