Tax and Insurance Impounds. At any time following the occurrence of a Default, at Mortgagee’s option and upon its demand, Mortgagor, shall, until all Secured Obligations have been paid in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee determines that any amounts paid by Mortgagor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee shall notify Mortgagor of the increased amounts required to pay all amounts when due, whereupon Mortgagor shall pay to Mortgagee within thirty (30) days thereafter the additional amount as stated in Mortgagee’s notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee shall, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor hereunder or under any Loan Document, Mortgagee may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee may elect, the balance of all amounts collected and in Mortgagee’s possession shall be paid to Mortgagor and no other party shall have any right or claim thereto.
Appears in 4 contracts
Samples: Open End Mortgage (KBS Real Estate Investment Trust II, Inc.), Open End Mortgage (KBS Real Estate Investment Trust II, Inc.), Open End Mortgage (KBS Real Estate Investment Trust II, Inc.)
Tax and Insurance Impounds. At any time following the occurrence of a Default, at Mortgagee’s option Beneficiary's election and upon its demand, Mortgagor, Trustor shall, until all Secured Obligations have been paid in full, pay to Mortgagee Beneficiary monthly, annually or as otherwise directed by Mortgagee Beneficiary an amount estimated by Mortgagee Beneficiary to be equal to: (ai) all taxes, assessments, assessments and levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (bii) premiums for fire, fire and other hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee Beneficiary determines that any amounts paid by Mortgagor Trustor are insufficient for the payment in full of such taxes, assessments, levies, charges levies and/or insurance premiums, Mortgagee Beneficiary shall notify Mortgagor Trustor of the increased amounts required to pay all amounts when due, whereupon Mortgagor Trustor shall pay to Mortgagee Beneficiary within thirty (30) days thereafter the additional amount as stated in Mortgagee’s Beneficiary's notice. All sums so paid shall not bear interest, except to earn interest at the extent and in any minimum amount required rate then paid on current market rate accounts maintained with Beneficiary. The funds deposited with Beneficiary may be commingled by law; and Mortgagee Beneficiary with its general funds. Beneficiary shall, unless Mortgagor Trustor is otherwise in Default hereunder or under any Loan DocumentSecured Obligation, apply said funds to the payment of, or at the sole option of Mortgagee Beneficiary release said funds to Mortgagor Trustor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor Trustor hereunder or under any Loan DocumentSecured Obligation, Mortgagee Beneficiary may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor Trustor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this MortgageDeed of Trust, Mortgagee Beneficiary shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee Beneficiary shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee Beneficiary may elect, the balance of all amounts collected and in Mortgagee’s Beneficiary's possession shall be paid to Mortgagor Trustor and no other party shall have any right or claim thereto.
Appears in 3 contracts
Samples: Prudential Bache Equitec Real Estate Partnership, Prudential Bache Equitec Real Estate Partnership, Prudential Bache Equitec Real Estate Partnership
Tax and Insurance Impounds. At any time following the occurrence of a DefaultDefault and during the continuance thereof, at Mortgagee’s Beneficiary's option and upon its demand, MortgagorTrustor, shall, until all Secured Obligations have been paid in full, pay to Mortgagee Beneficiary monthly, annually or as otherwise directed by Mortgagee Beneficiary an amount estimated by Mortgagee Beneficiary to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee Beneficiary determines that any amounts paid by Mortgagor Trustor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee Beneficiary shall notify Mortgagor Trustor of the increased amounts required to pay all amounts when due, whereupon Mortgagor Trustor shall pay to Mortgagee Beneficiary within thirty (30) days thereafter the additional amount as stated in Mortgagee’s Beneficiary's notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee Beneficiary shall, unless Mortgagor Trustor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Mortgagee Beneficiary release said funds to Mortgagor Trustor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor Trustor hereunder or under any Loan DocumentSecured Obligation, Mortgagee Beneficiary may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor Trustor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this MortgageDeed of Trust, Mortgagee Beneficiary shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee Beneficiary and the Trustee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee Beneficiary may elect, the balance of all amounts collected and in Mortgagee’s Beneficiary's possession shall be paid to Mortgagor Trustor and no other party shall have any right or claim thereto.
Appears in 2 contracts
Samples: Communications & Power Industries Inc, Communications & Power Industries Inc
Tax and Insurance Impounds. At If an Event of Default occurs hereunder, and provided that a tax and insurance impound is not then being implemented by the holder of a mortgage on the Mortgaged Property which is senior to the lien of this Mortgage, then at any time following the occurrence of a Default, at Mortgagee’s option and thereafter upon its demand, written notice from Mortgagee to Mortgagor, Mortgagor shall, until all Secured Obligations Liabilities have been paid in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Mortgaged Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, other hazard and mortgage insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee determines that any amounts paid by Mortgagor are insufficient for the payment in full of such taxes, assessments, levies, charges levies and/or insurance premiums, Mortgagee shall notify Mortgagor of the increased amounts amount required to pay all amounts for the payment thereof when due, whereupon and Mortgagor shall pay to Mortgagee such additional amount within thirty (30) days thereafter the additional amount as stated in after notice from Mortgagee’s notice. All sums amounts so paid shall not bear interest, except to the extent and in any minimum the amount required by law; and . So long as there is no Default, Mortgagee shall, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, shall apply said funds amounts to the payment of, or at the Mortgagee’s sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, charges and insurance premiums. Upon If a Default by Mortgagor hereunder or under any Loan Documentexists, Mortgagee at its sole option may apply all or any part of said sums amounts to any Secured Obligation Liabilities and/or to cure such Default, in which event Mortgagor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Mortgagor hereby grants and transfers to Mortgagee a security interest in all amounts so paid and held in Mortgagee’s possession, and all proceeds thereof, to secure the payment and performance of the Secured Liabilities. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee assignee, whereupon Mortgagee shall be released from all liability with respect thereto. The existence of said impounds shall not limit Mortgagee’s rights under any other provision of this Mortgage or any other agreement, statute or rule of law. Within ninety-five (95) days following full repayment of the all Secured Obligations Liabilities (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the any Secured Obligations) Liabilities), or at such earlier time as Mortgagee Agent in its discretion may elect, the balance of all amounts collected and in MortgageeAgent’s possession shall be paid to Mortgagor and Mortgagor, and. no other party shall have any right or of claim thereto.
Appears in 2 contracts
Samples: MGP Ingredients Inc, MGP Ingredients Inc
Tax and Insurance Impounds. At any time following Tax and insurance reserves shall be maintained by a monthly deposit by Borrower of one-twelfth (1/12th) of the occurrence annual real property taxes and assessments for the Properties and one-twelfth (1/12th) of a Defaultthe annual insurance premiums payable for the Properties, at Mortgagee’s option each as reasonably estimated by Lender (the "Tax and upon its demandInsurance Reserve"). Notwithstanding the foregoing, Mortgagoron the Effective Date, shall, until all Secured Obligations have been paid the Tax and Insurance Reserve shall be funded in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee which, when the required monthly payments are added thereto, will be sufficient to be equal to: pay such charges when due. Borrower shall provide to Lender a copy of the applicable invoices at least thirty (a30) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may days prior to (i) the date such Taxes become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; delinquent and (bii) the date such insurance premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee Lender at any time determines that any amounts paid by Mortgagor into the Tax and Insurance Reserve are insufficient for the payment in full of such taxes, assessments, levies, charges levies and/or insurance premiums, Mortgagee Lender shall notify Mortgagor Borrower of the increased amounts required to pay all amounts when due, whereupon Mortgagor Borrower shall pay (or cause to Mortgagee be paid) to Lender within thirty (30) days thereafter the additional amount as stated in MortgageeLender’s notice. All So long as no Default (other than an Unintentional Non-Monetary Default (as hereinafter defined) or Event of Default has occurred and is continuing, all sums in the Tax and Insurance Reserve shall be held by Lender in the Tax and Insurance Reserve to pay annual real property taxes and assessments for the Properties when necessary so paid shall not bear interest, except that the maximum tax discount available may be obtained with regard to the extent Properties and to pay insurance premiums for the Properties in any minimum amount required one installment before the same become delinquent. Borrower shall be responsible for ensuring the receipt by law; Lender, at least thirty (30) days prior to the respective delinquency date for Taxes and Mortgagee shalldue date for payment of insurance premiums, unless Mortgagor is otherwise in of all bills, invoices and statements for all real property taxes and assessments and insurance premiums to be paid from the Tax and Insurance Reserve, and, so long as no Default (other than an Unintentional Non-Monetary Default) or Event of Default hereunder or under any other Loan DocumentDocument has occurred and is continuing, apply said Lender shall pay the governmental authority or other party entitled thereto directly, to the extent funds are available for such purpose in the Tax and Insurance Reserve. In making any payment from the Tax and Insurance Reserve, Lender shall be entitled to rely on any xxxx, statement or estimate procured from any public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. The Tax and Insurance Reserve shall not, unless otherwise explicitly required by applicable law, be or be deemed to be escrow or trust funds, but, at Lender’s option and in Lender’s discretion, may either be held in a separate account or be commingled by Lender with the general funds of Lender or Lender’s loan servicer. Interest (if any) on the funds contained in the Tax and Insurance Reserve shall accrue for the benefit of and belong to Lender and shall be paid immediately to Lender. No interest on funds contained in the Tax and Insurance Reserve shall be paid by Lender to Borrower. The Tax and Insurance Reserve is solely for the protection of Lender and entails no responsibility on Lender’s part beyond the payment of taxes, assessments and insurance premiums following receipt of bills, invoices or statements therefor in accordance with the terms hereof and beyond the allowing of due credit for the sums actually received. Upon assignment of the Loan by Lender, any funds in the Tax and Insurance Reserve shall be turned over to the assignee and any responsibility of Lender, as assignor, with respect thereto shall terminate. If the total funds in the Tax and Insurance Reserve shall exceed the amount of payments actually applied by Lender for the purposes of the Tax and Insurance Reserve, such excess shall, at the option of Lender, either be credited by Lender on subsequent payments to be made hereunder or refunded to Borrower. If, however, the Tax and Insurance Reserve shall not contain sufficient funds to pay the payment ofsums required when the same shall become due (with respect to insurance premiums) or delinquent (with respect to Taxes), or Borrower shall, within ten (10) days after receipt of written notice thereof, deposit with Lender the full amount of any such deficiency. If Borrower shall fail to deposit with Lender the full amount of such deficiency as provided above, such failure shall constitute an Event of Default and, without limiting Lender’s other rights and remedies by reason thereof, Lender shall have the option, but not the obligation, to make such deposit and all amounts so deposited by Lender, together with interest thereon at the sole option Default Interest Rate from the date deposited by Lender until actually paid by Borrower, shall be immediately paid by Borrower on demand and shall be secured by the Security Instrument and by all of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor hereunder or under any other Loan Document, Mortgagee may apply Documents securing all or any part of said sums to any Secured Obligation and/or to cure such the indebtedness evidenced by the Note. Upon the occurrence and during the continuance of an Event of Default, Lender may, but shall not be obligated to, to the extent permitted by law, apply at any time the balance then remaining in which event Mortgagor the Tax and Insurance Reserve against the indebtedness secured by the Security Instrument in whatever order Lender shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by subjectively determine. No such application. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment application of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee may elect, the balance of all amounts collected and in Mortgagee’s possession shall be paid to Mortgagor and no other party shall have any right or claim thereto.Tax and
Appears in 2 contracts
Samples: Loan Agreement (IMH Financial Corp), Loan Agreement (IMH Financial Corp)
Tax and Insurance Impounds. At any time following Upon the occurrence of a an Event of Default, and at MortgageeBeneficiary’s option and upon its demand, Mortgagor, Trustor shall, until all Secured Obligations have been paid in full, pay to Mortgagee Beneficiary monthly, annually or as otherwise directed by Mortgagee Beneficiary an amount estimated by Mortgagee Beneficiary to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, other hazard and mortgage insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee Beneficiary determines that any amounts paid by Mortgagor Trustor are insufficient for the payment in full of such taxes, assessments, levies, charges levies and/or insurance premiums, Mortgagee Beneficiary shall notify Mortgagor Trustor of the increased amounts amount required to pay all amounts for the payment thereof when due, whereupon Mortgagor and Trustor shall pay to Mortgagee Beneficiary such additional amount within thirty (30) days thereafter the additional amount as stated in Mortgagee’s noticeafter notice from Beneficiary. All sums amounts so paid shall not bear interest, except to the extent and in any minimum the amount required by law; and Mortgagee shall. So long as there is no Default, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, Beneficiary shall apply said funds amounts to the payment of, or at the Beneficiary’s sole option of Mortgagee release said funds to Mortgagor Trustor for the application to and payment of, such sums, taxes, assessments, levies, charges, charges and insurance premiums. Upon If a Default by Mortgagor hereunder or under any Loan Documentexists, Mortgagee Beneficiary at its sole option may apply all or any part of said sums amounts to any Secured Obligation and/or to cure such Default, in which event Mortgagor Trustor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Trustor hereby grants and transfers to Beneficiary a security interest in all amounts so paid and held in Beneficiary’s possession, and all proceeds thereof, to secure the payment and performance of each Secured Obligation. Upon assignment of this MortgageDeed of Trust, Mortgagee Beneficiary shall have the right to assign in writing all amounts collected and in its possession to its assignee assignee, whereupon Mortgagee Beneficiary and Trustee shall be released from all liability with respect thereto. The existence of said impounds shall not limit Beneficiary’s rights under any other provision of this Deed of Trust or any other agreement, statute or rule of law. Within ninety-five (95) days following full repayment of the all Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the any Secured Obligations) Obligation), or at such earlier time as Mortgagee Beneficiary in its discretion may elect, the balance of all amounts collected and in MortgageeBeneficiary’s possession shall be paid to Mortgagor Trustor, and no other party shall have any right or of claim thereto.
Appears in 1 contract
Tax and Insurance Impounds. At any time following the occurrence of a Default, at Mortgagee’s 's option and upon its demand, Mortgagor, shall, until all Secured Obligations have been paid in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee determines that any amounts paid by Mortgagor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee shall notify Mortgagor of the increased amounts required to pay all amounts when due, whereupon Mortgagor shall pay to Mortgagee within thirty (30) days thereafter the additional amount as stated in Mortgagee’s 's notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee shall, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor hereunder or under any Loan DocumentSecured Obligation, Mortgagee may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee may elect, the balance of all amounts collected and in Mortgagee’s 's possession shall be paid to Mortgagor and no other party shall have any right or claim thereto.. Loan No. 8079119402
Appears in 1 contract
Samples: Virco MFG Corporation
Tax and Insurance Impounds. At In the event any Default occurs hereunder, and provided that a tax and insurance impound is not then being implemented by the holder of a mortgage on the Subject Property which is senior to the lien of this Mortgage, then at any time following the occurrence of a Default, at Mortgagee’s option and thereafter upon its demand, written notice from Mortgagee to Mortgagor, Mortgagor shall, until all Secured Obligations have been paid in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, other hazard and mortgage insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee determines that any amounts paid by Mortgagor are insufficient for the payment in full of such taxes, assessments, levies, charges levies and/or insurance premiums, Mortgagee shall notify Mortgagor of the increased amounts amount required to pay all amounts for the payment thereof when due, whereupon and Mortgagor shall pay to Mortgagee such additional amount within thirty (30) days thereafter the additional amount as stated in after notice from Mortgagee’s notice. All sums amounts so paid shall not bear interest, except to the extent and in any minimum the amount required by law; and . So long as there is no Default, Mortgagee shall, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, shall apply said funds amounts to the payment of, or at the Mortgagee’s sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, charges and insurance premiums. Upon If a Default by Mortgagor hereunder or under any Loan Documentexists, Mortgagee at its sole option may apply all or any part of said sums amounts to any Secured Obligation and/or to cure such Default, in which event Mortgagor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Mortgagor hereby grants and transfers to Mortgagee a security interest in all amounts so paid and held in Mortgagee’s possession, and all proceeds thereof, to secure the payment and performance of each Secured Obligation. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee assignee, whereupon Mortgagee shall be released from all liability with respect thereto. The existence of said impounds shall not limit Mortgagee’s rights under any other provision of this Mortgage or any other agreement, statute or rule of law. Within ninety-five (95) days following full repayment of the all Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the any Secured Obligations) Obligation), or at such earlier time as Mortgagee in its discretion may elect, the balance of all amounts collected and in Mortgagee’s possession shall be paid to Mortgagor Mortgagor, and no other party shall have any right or of claim thereto.
Appears in 1 contract
Samples: Security Agreement and Fixture Filing (MGP Ingredients Inc)
Tax and Insurance Impounds. At any time following the occurrence of a Default, at Mortgagee’s option and upon its demand, Mortgagor, Mortgagor shall, until all Secured Obligations have been paid in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee determines that any amounts paid by Mortgagor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee shall notify Mortgagor of the increased amounts required to pay all amounts when due, whereupon Mortgagor shall pay to Mortgagee within thirty (30) days thereafter the additional amount as stated in Mortgagee’s notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee shall, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor hereunder or under any Loan Document, Mortgagee may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee may elect, the balance of all amounts collected and in Mortgagee’s possession shall be paid to Mortgagor and no other party shall have any right or claim thereto.
Appears in 1 contract
Samples: Security Agreement and Fixture Filing (KBS Real Estate Investment Trust II, Inc.)
Tax and Insurance Impounds. At any time following the occurrence of a Default, at MortgageeGrantee’s option and upon its demand, Mortgagorbut subject to Grantor’s right to use cash from the Property to cover Permitted REIT Distributions (as such term is defined in the Loan Agreement), Grantor shall, until all Secured Obligations have been paid in full, pay to Mortgagee Grantee monthly, annually or as otherwise directed by Mortgagee Grantee an amount estimated by Mortgagee Grantee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee Grantee determines that any amounts paid by Mortgagor Grantor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee Grantee shall notify Mortgagor Grantor of the increased amounts required to pay all amounts when due, whereupon Mortgagor Grantor shall pay to Mortgagee Grantee within thirty (30) days thereafter the additional amount as stated in MortgageeGrantee’s notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee Grantee shall, unless Mortgagor Grantor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Mortgagee Grantee release said funds to Mortgagor Grantor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor Grantor hereunder or under any Loan Document, Mortgagee Grantee may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor Grantor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this MortgageSecurity Deed, Mortgagee Grantee shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee Grantee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens liens, security titles and security interests securing the Secured Obligations) or at such earlier time as Mortgagee Grantee may elect, the balance of all amounts collected and in MortgageeGrantee’s possession shall be paid to Mortgagor Grantor and no other party shall have any right or claim thereto.
Appears in 1 contract
Samples: Security Agreement (KBS Real Estate Investment Trust, Inc.)
Tax and Insurance Impounds. At any time following the occurrence of a Default, at MortgageeBeneficiary’s option and upon its demand, Mortgagorbut subject to Trustor’s right to use cash from the Property to cover Permitted REIT Distributions (as such term is defined in the Loan Agreement), Trustor shall, until all Secured Obligations have been paid in full, pay to Mortgagee Beneficiary monthly, annually or as otherwise directed by Mortgagee Beneficiary an amount estimated by Mortgagee Beneficiary to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee Beneficiary determines that any amounts paid by Mortgagor Trustor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee Beneficiary shall notify Mortgagor Trustor of the increased amounts required to pay all amounts when due, whereupon Mortgagor Trustor shall pay to Mortgagee Beneficiary within thirty (30) days thereafter the additional amount as stated in MortgageeBeneficiary’s notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee Beneficiary shall, unless Mortgagor Trustor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Mortgagee Beneficiary release said funds to Mortgagor Trustor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor Trustor hereunder or under any Loan Document, Mortgagee Beneficiary may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor Trustor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this MortgageDeed of Trust, Mortgagee Beneficiary shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee Beneficiary and the Trustee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee Beneficiary may elect, the balance of all amounts collected and in MortgageeBeneficiary’s possession shall be paid to Mortgagor Trustor and no other party shall have any right or claim thereto.
Appears in 1 contract
Samples: Security Agreement and Fixture Filing (KBS Real Estate Investment Trust, Inc.)
Tax and Insurance Impounds. At any time following Upon the occurrence of a Default, at Mortgagee’s Beneficiary's option and upon its demand, Mortgagor, Trustor shall, until all Secured Obligations have been paid in full, pay to Mortgagee Beneficiary monthly, annually or as otherwise directed by Mortgagee Beneficiary an amount estimated by Mortgagee Beneficiary to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, other hazard and mortgage insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee Beneficiary determines that any amounts paid by Mortgagor Trustor are insufficient for the payment in full of such taxes, assessments, levies, charges levies and/or insurance premiums, Mortgagee Beneficiary shall notify Mortgagor Trustor of the increased amounts amount required to pay all amounts for the payment thereof when due, whereupon Mortgagor and Trustor shall pay to Mortgagee Beneficiary such additional amount within thirty (30) days thereafter the additional amount as stated in Mortgagee’s noticeafter notice from Beneficiary. All sums amounts so paid shall not bear interest, except to the extent and in any minimum the amount required by law; and Mortgagee shall. So long as there is no Default, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, Beneficiary shall apply said funds amounts to the payment of, or at the Beneficiary's sole option of Mortgagee release said funds to Mortgagor Trustor for the application to and payment of, such sums, taxes, assessments, levies, charges, charges and insurance premiums. Upon If a Default by Mortgagor hereunder or under any Loan Documentexists, Mortgagee Beneficiary at its sole option may apply all or any part of said sums amounts to any Secured Obligation and/or to cure such Default, in which event Mortgagor Trustor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Trustor hereby grants and transfers to Beneficiary a security interest in all amounts so paid and held in Beneficiary's possession, and all proceeds thereof, to secure the payment and performance of each Secured Obligation. Upon assignment of this MortgageDeed of Trust, Mortgagee Beneficiary shall have the right to assign in writing all amounts collected and in its possession to its assignee assignee, whereupon Mortgagee Beneficiary and Trustee shall be released from all liability with respect thereto. The existence of said impounds shall not limit Beneficiary's rights under any other provision of this Deed of Trust or any other agreement, statute or rule of law. Within ninety-five (95) days following full repayment of the all Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the any Secured Obligations) Obligation), or at such earlier time as Mortgagee Beneficiary in its discretion may elect, the balance of all amounts collected and in Mortgagee’s Beneficiary's possession shall be paid to Mortgagor Trustor, and no other party shall have any right or of claim thereto.
Appears in 1 contract
Samples: Infonet Services Corp
Tax and Insurance Impounds. At any time following the occurrence of If a DefaultDefault has occurred and is existing, then, at MortgageeBeneficiary’s option and upon its demand, MortgagorTrustor, shall, until all Secured Obligations have been paid in full, pay to Mortgagee monthlyBeneficiary in equal monthly installments, annually or as otherwise reasonably directed by Mortgagee Beneficiary, an amount estimated by Mortgagee Beneficiary to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when the same are next due. If Mortgagee Beneficiary determines that any amounts paid by Mortgagor Trustor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee Beneficiary shall notify Mortgagor Trustor of the increased amounts required to pay all amounts when due, whereupon Mortgagor Trustor shall pay to Mortgagee Beneficiary within thirty (30) days thereafter the additional amount as stated in MortgageeBeneficiary’s notice. If Beneficiary is required to segregate such sums paid, Trustor shall (i) execute such documents as Beneficiary, in its sole discretion, deems necessary to perfect its security interest in such account and (ii) pay the costs of setting up and maintaining such account. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee Beneficiary shall, unless Mortgagor Trustor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Mortgagee Beneficiary release said funds to Mortgagor Trustor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor Trustor hereunder or under any Loan DocumentSecured Obligation, Mortgagee Beneficiary may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor Trustor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this MortgageDeed of Trust, Mortgagee Beneficiary shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee Beneficiary shall be released from all liability with respect thereto. Within ninety-five sixty (9560) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens liens, security titles and security interests securing the Secured Obligations) or at such earlier time as Mortgagee Beneficiary may elect, the balance of all amounts collected and in MortgageeBeneficiary’s possession shall be paid to Mortgagor Trustor and no other party shall have any right or claim thereto.
Appears in 1 contract
Samples: Leases and Security Agreement (Paladin Realty Income Properties Inc)
Tax and Insurance Impounds. At any time following the occurrence of a Default, at Mortgagee’s option and upon its demand, Mortgagor, shall, until all Secured Obligations have been paid in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee determines that any amounts paid by Mortgagor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee shall notify Mortgagor of the increased amounts required to pay all amounts when due, whereupon Mortgagor shall pay to Mortgagee within thirty (30) days thereafter the additional amount as stated in Mortgagee’s notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee shall, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor hereunder or under any Loan DocumentSecured Obligation, Mortgagee may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee may elect, the balance of all amounts collected and in Mortgagee’s possession shall be paid to Mortgagor and no other party shall have any right or claim thereto.
Appears in 1 contract
Samples: Security Agreement and Fixture Filing (Virco MFG Corporation)
Tax and Insurance Impounds. At any time following the occurrence of a DefaultDefault and in accordance with the other Loan Documents, at Mortgagee’s option and upon its demand, but subject to Mortgagor’s right to use cash from the Property to cover Permitted REIT Distributions (as such term is defined in the Loan Agreement), Mortgagor shall, until all Secured Obligations have been paid in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee determines that any amounts paid by Mortgagor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee shall notify Mortgagor of the increased amounts required to pay all amounts when due, whereupon Mortgagor shall pay to Mortgagee within thirty (30) days thereafter the additional amount as stated in Mortgagee’s notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee shall, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor hereunder or under any Loan Document, Mortgagee may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee may elect, the balance of all amounts collected and in Mortgagee’s possession shall be paid to Mortgagor and no other party shall have any right or claim thereto.
Appears in 1 contract
Samples: Security Agreement and Fixture Filing (KBS Real Estate Investment Trust, Inc.)
Tax and Insurance Impounds. At any time following the occurrence of a Default, at Mortgagee’s option Beneficiary's election and upon its demand, Mortgagor, Grantor shall, until all Secured Obligations have been paid in full, pay to Mortgagee Beneficiary monthly, annually or as otherwise directed by Mortgagee Beneficiary an amount estimated by Mortgagee Beneficiary to be equal to: (ai) all taxes, assessments, assessments and levies and charges imposed by any public or quasi-public authority or utility company which are or 12 may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (bii) premiums for fire, fire and other hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee Beneficiary determines that any amounts paid by Mortgagor Grantor are insufficient for the payment in full of such taxes, assessments, levies, charges levies and/or insurance premiums, Mortgagee Beneficiary shall notify Mortgagor Grantor of the increased amounts required to pay all amounts when due, whereupon Mortgagor Grantor shall pay to Mortgagee Beneficiary within thirty (30) days thereafter the additional amount as stated in Mortgagee’s Beneficiary's notice. All sums so paid shall not bear interest, except to earn interest at the extent and in any minimum amount required rate then paid on current market rate accounts maintained with Beneficiary. The funds deposited with Beneficiary may be commingled by law; and Mortgagee Beneficiary with its general funds. Beneficiary shall, unless Mortgagor Grantor is otherwise in Default hereunder or under any Loan DocumentSecured Obligation, apply said funds to the payment of, or at the sole option of Mortgagee Beneficiary release said funds to Mortgagor Grantor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor Grantor hereunder or under any Loan DocumentSecured Obligation, Mortgagee Beneficiary may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor Grantor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this MortgageDeed of Trust, Mortgagee Beneficiary shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee Beneficiary shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee Beneficiary may elect, the balance of all amounts collected and in Mortgagee’s Beneficiary's possession shall be paid to Mortgagor Grantor and no other party shall have any right or claim thereto.
Appears in 1 contract
Tax and Insurance Impounds. At any time following the occurrence of a Default, at Mortgagee’s option and upon its demand, but subject to Mortgagor’s right to use cash from the Property to cover Permitted REIT Distributions (as such term is defined in the Loan Agreement), Mortgagor, shall, until all Secured Obligations have been paid in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee determines that any amounts paid by Mortgagor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee shall notify Mortgagor of the increased amounts required to pay all amounts when due, whereupon Mortgagor shall pay to Mortgagee within thirty (30) days thereafter the additional amount as stated in Mortgagee’s notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee shall, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor hereunder or under any Loan Document, Mortgagee may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee and the Mortgagee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee may elect, the balance of all amounts collected and in Mortgagee’s possession shall be paid to Mortgagor and no other party shall have any right or claim thereto.
Appears in 1 contract
Samples: Security Agreement and Fixture Filing (KBS Real Estate Investment Trust, Inc.)
Tax and Insurance Impounds. At any time following Following the occurrence of a any Default, at Mortgagee’s Beneficiary's option and upon its demand, Mortgagor, Grantor shall, until all Secured Obligations have been paid in full, pay to Mortgagee Beneficiary monthly, annually or as otherwise directed by Mortgagee Beneficiary an amount estimated by Mortgagee Beneficiary to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, other hazard and mortgage insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee Beneficiary determines that any amounts paid by Mortgagor Grantor are insufficient for the payment in full of such taxes, assessments, levies, charges levies and/or insurance premiums, Mortgagee Beneficiary shall notify Mortgagor Grantor of the increased amounts amount required to pay all amounts for the payment thereof when due, whereupon Mortgagor and Grantor shall pay to Mortgagee Beneficiary such additional amount within thirty (30) days thereafter the additional amount as stated in Mortgagee’s noticeafter notice from Beneficiary. All sums amounts so paid shall not bear interest, except to the extent and in any minimum the amount required by law; and Mortgagee shall. So long as any Default exists, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or Beneficiary at the its sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor hereunder or under any Loan Document, Mortgagee may apply all or any part of said sums amounts to any Secured Obligation and/or to cure such Default, in which event Mortgagor Grantor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Once any and all Defaults are cured, Beneficiary shall apply said amounts to the payment of, or at Beneficiary's sole option release said funds to Grantor for application to and payment of, such taxes, assessments, levies, charges and insurance premiums. Grantor hereby grants and transfers to Beneficiary a security interest in all amounts so paid and held in Beneficiary's possession, and all proceeds thereof, to secure the payment and performance of each Secured Obligation. Upon assignment of this MortgageDeed of Trust, Mortgagee Beneficiary shall have the right to assign in writing all amounts collected and in its possession to its assignee assignee, whereupon Mortgagee Beneficiary and Trustee shall be released from all liability with respect thereto. The existence of said impounds shall not limit Beneficiary's rights under any other provision of this Deed of Trust or any other agreement, statute or rule of law. Within ninety-five (95) days following full repayment of the all Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the any Secured Obligations) Obligation), or at such earlier time as Mortgagee Beneficiary in its discretion may elect, the balance of all amounts collected and in Mortgagee’s Beneficiary's possession shall be paid to Mortgagor Grantor, and no other party shall have any right or of claim thereto.
Appears in 1 contract
Samples: Elmers Restaurants Inc
Tax and Insurance Impounds. At any time following After the occurrence and during the continuance of a Default, at Mortgagee’s option and upon its demand, Mortgagor, shall, until all Secured Obligations have been paid in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Credit Documents when same are next due. If , if Mortgagee determines that any amounts paid by Mortgagor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee shall notify Mortgagor of the increased amounts required to pay all amounts when due, whereupon Mortgagor shall pay to Mortgagee within thirty (30) days thereafter the additional amount as stated in Mortgagee’s notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee shall, unless Mortgagor is otherwise in Default hereunder or under any Loan Credit Document, apply said funds to the payment of, or at the sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor hereunder or under any Loan DocumentSecured Obligation, Mortgagee may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee may elect, the balance of all amounts collected and in Mortgagee’s possession shall be paid to Mortgagor and no other party shall have any right or claim thereto.
Appears in 1 contract
Samples: Steadfast Income REIT, Inc.
Tax and Insurance Impounds. At In the event any Default occurs hereunder, and provided that a tax and insurance impound is not then being implemented by the holder of a mortgage on the Subject Property which is senior to the lien of this Mortgage, then at any time following the occurrence of a Defaultthereafter upon written notice from Mortgagee to Mortgagor,, at Mortgagee’s option and upon its demand, Mortgagor, Mortgagor shall, until all Secured Obligations have been paid in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, other hazard and mortgage insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee determines that any amounts paid by Mortgagor are insufficient for the payment in full of such taxes, assessments, levies, charges levies and/or insurance premiums, Mortgagee shall notify Mortgagor of the increased amounts amount required to pay all amounts for the payment thereof when due, whereupon and Mortgagor shall pay to Mortgagee such additional amount within thirty (30) days thereafter the additional amount as stated in after notice from Mortgagee’s notice. All sums amounts so paid shall not bear interest, except to the extent and in any minimum the amount required by law; and . So long as there is no Default, Mortgagee shall, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, shall apply said funds amounts to the payment of, or at the Mortgagee’s sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, charges and insurance premiums. Upon If a Default by Mortgagor hereunder or under any Loan Documentexists, Mortgagee at its sole option may apply all or any part of said sums amounts to any Secured Obligation and/or to cure such Default, in which event Mortgagor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Mortgagor hereby grants and transfers to Mortgagee a security interest in all amounts so paid and held in Mortgagee’s possession, and all proceeds thereof, to secure the payment and performance of each Secured Obligation. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee assignee, whereupon Mortgagee shall be released from all liability with respect thereto. The existence of said impounds shall not limit Mortgagee’s rights under any other provision of this Mortgage or any other agreement, statute or rule of law. Within ninety-five (95) days following full repayment of the all Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the any Secured Obligations) Obligation), or at such earlier time as Mortgagee in its discretion may elect, the balance of all amounts collected and in Mortgagee’s possession shall be paid to Mortgagor Mortgagor, and no other party shall have any right or of claim thereto.
Appears in 1 contract
Samples: MGP Ingredients Inc
Tax and Insurance Impounds. At any time following the occurrence of a Default, at Mortgagee’s Beneficiary's option and upon its demand, Mortgagor, Grantor shall, until all Secured Obligations have been paid in full, pay to Mortgagee Beneficiary monthly, annually or as otherwise directed by Mortgagee Beneficiary an amount estimated by Mortgagee Beneficiary to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, other hazard and mortgage insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee Beneficiary determines that any amounts paid by Mortgagor Grantor are insufficient for the payment in full of such taxes, assessments, levies, charges levies and/or insurance premiums, Mortgagee Beneficiary shall notify Mortgagor Grantor of the increased amounts amount required to pay all amounts for the payment thereof when due, whereupon Mortgagor and Grantor shall pay to Mortgagee Beneficiary such additional amount within thirty (30) days thereafter the additional amount as stated in Mortgagee’s noticeafter notice from Beneficiary. All sums amounts so paid shall not bear interest, except to the extent and in any minimum the amount required by law; and Mortgagee shall. So long as there is no Default, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, Beneficiary shall apply said funds amounts to the payment of, or at the Beneficiary's sole option of Mortgagee release said funds to Mortgagor Grantor for the application to and payment of, such sums, taxes, assessments, levies, charges, charges and insurance premiums. Upon If a Default by Mortgagor hereunder or under any Loan Documentexists, Mortgagee Beneficiary at its sole option may apply all or any part of said sums amounts to any Secured Obligation and/or to cure such Default, in which event Mortgagor Grantor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Grantor hereby grants and transfers to Beneficiary a security interest in all amounts so paid and held in DEED OF TRUST With Assignment of Rents (02/98), Page 5 Beneficiary's possession, and all proceeds thereof, to secure the payment and performance of each Secured Obligation. Upon assignment of this MortgageDeed of Trust, Mortgagee Beneficiary shall have the right to assign in writing all amounts collected and in its possession to its assignee assignee, whereupon Mortgagee Beneficiary and Trustee shall be released from all liability with respect thereto. The existence of said impounds shall not limit Beneficiary's rights under any other provision of this Deed of Trust or any other agreement, statute or rule of law. Within ninety-five (95) days following full repayment of the all Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the any Secured Obligations) Obligation), or at such earlier time as Mortgagee Beneficiary in its discretion may elect, the balance of all amounts collected and in Mortgagee’s Beneficiary's possession shall be paid to Mortgagor Grantor, and no other party shall have any right or of claim thereto.
Appears in 1 contract
Samples: Elmers Restaurants Inc
Tax and Insurance Impounds. At any time following Tax and insurance reserves shall be maintained by a monthly deposit by Borrower of one-twelfth (1/12th) of the occurrence annual real property taxes and assessments for the Property and one-twelfth (1/12th) of a Defaultthe annual insurance premiums payable for the Property, at Mortgagee’s option each as reasonably estimated by Lender (the "Tax and upon its demandInsurance Reserve"). Notwithstanding the foregoing, Mortgagoron the Effective Date, shall, until all Secured Obligations have been paid the Tax and Insurance Reserve shall be funded in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee which, when the required monthly payments are added thereto, will be sufficient to be equal to: pay such charges when due. Borrower shall provide to Lender a copy of the applicable invoices at least thirty (a30) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may days prior to (i) the date such Taxes become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; delinquent and (bii) the date such insurance premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee Lender at any time determines that any amounts paid by Mortgagor into the Tax and Insurance Reserve are insufficient for the payment in full of such taxes, assessments, levies, charges levies and/or insurance premiums, Mortgagee Lender shall notify Mortgagor Borrower of the increased amounts required to pay all amounts when due, whereupon Mortgagor Borrower shall pay (or cause to Mortgagee be paid) to Lender within thirty (30) days thereafter the additional amount as stated in MortgageeLender’s notice. All So long as no Default (other than an Unintentional Non-Monetary Default (as hereinafter defined) or Event of Default has occurred and is continuing, all sums in the Tax and Insurance Reserve shall be held by Lender in the Tax and Insurance Reserve to pay annual real property taxes and assessments for the Property when necessary so paid shall not bear interest, except that the maximum tax discount available may be obtained with regard to the extent Property and to pay insurance premiums for the Property in any minimum amount required one installment before the same become delinquent. Borrower shall be responsible for ensuring the receipt by law; Lender, at least thirty (30) days prior to the respective delinquency date for Taxes and Mortgagee shalldue date for payment of insurance premiums, unless Mortgagor is otherwise in of all bills, invoices and statements for all real property taxes and assessments and insurance premiums to be paid from the Tax and Insurance Reserve, and, so long as no Default (other than an Unintentional Non-Monetary Default) or Event of Default hereunder or under any other Loan DocumentDocument has occurred and is continuing, apply said Lender shall pay the governmental authority or other party entitled thereto directly, to the extent funds are available for such purpose in the Tax and Insurance Reserve. In making any payment from the Tax and Insurance Reserve, Lender shall be entitled to rely on any xxxx, statement or estimate procured from any public office or insurance company or agent without any inquiry into the accuracy of such xxxx, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestability of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof. The Tax and Insurance Reserve shall not, unless otherwise explicitly required by applicable law, be or be deemed to be escrow or trust funds, but, at Lender’s option and in Lender’s discretion, may either be held in a separate account or be commingled by Lender with the general funds of Lender or Lender’s loan servicer. Interest (if any) on the funds contained in the Tax and Insurance Reserve shall accrue for the benefit of and belong to Lender and shall be paid immediately to Lender. No interest on funds contained in the Tax and Insurance Reserve shall be paid by Lender to Borrower. The Tax and Insurance Reserve is solely for the protection of Lender and entails no responsibility on Lender’s part beyond the payment of taxes, assessments and insurance premiums following receipt of bills, invoices or statements therefor in accordance with the terms hereof and beyond the allowing of due credit for the sums actually received. Upon assignment of the Loan by Lender, any funds in the Tax and Insurance Reserve shall be turned over to the assignee and any responsibility of Lender, as assignor, with respect thereto shall terminate. If the total funds in the Tax and Insurance Reserve shall exceed the amount of payments actually applied by Lender for the purposes of the Tax and Insurance Reserve, such excess shall, at the option of Lender, either be credited by Lender on subsequent payments to be made hereunder or refunded to Borrower. If, however, the Tax and Insurance Reserve shall not contain sufficient funds to pay the payment ofsums required when the same shall become due (with respect to insurance premiums) or delinquent (with respect to Taxes), or Borrower shall, within ten (10) days after receipt of written notice thereof, deposit with Lender the full amount of any such deficiency. If Borrower shall fail to deposit with Lender the full amount of such deficiency as provided above, such failure shall constitute an Event of Default and, without limiting Lender’s other rights and remedies by reason thereof, Lender shall have the option, but not the obligation, to make such deposit and all amounts so deposited by Lender, together with interest thereon at the sole option Default Interest Rate from the date deposited by Lender until actually paid by Borrower, shall be immediately paid by Borrower on demand and shall be secured by the Security Instrument and by all of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor hereunder or under any other Loan Document, Mortgagee may apply Documents securing all or any part of said sums to any Secured Obligation and/or to cure such the indebtedness evidenced by the Note. Upon the occurrence and during the continuance of an Event of Default, Lender may, but shall not be obligated to, to the extent permitted by law, apply at any time the balance then remaining in which event Mortgagor the Tax and Insurance Reserve against the indebtedness secured by the Security Instrument in whatever order Lender shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by subjectively determine. No such application. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment application of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee may elect, the balance of all amounts collected and in Mortgagee’s possession shall be paid to Mortgagor and no other party shall have any right or claim thereto.Tax and
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Samples: Loan Agreement (IMH Financial Corp)
Tax and Insurance Impounds. At any time following the occurrence of a DefaultDefault and in accordance with the other Loan Documents, at Mortgagee’s option and upon its demand, but subject to Mortgagor’s right to use cash from the Property to cover Permitted REIT Distributions (as such term is defined in the Loan Agreement), Mortgagor shall, until all Secured Obligations have been paid in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee determines that any amounts paid by Mortgagor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee shall notify Mortgagor of the increased amounts required to pay all amounts when due, whereupon Mortgagor shall pay to Mortgagee within thirty (30) days thereafter the additional amount as stated in Mortgagee’s notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee shall, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor hereunder or under any Loan Document, Mortgagee may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee and the Mortgagee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee may elect, the balance of all amounts collected and in Mortgagee’s possession shall be paid to Mortgagor and no other party shall have any right or claim thereto.
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Tax and Insurance Impounds. At any time following the occurrence of a Default, at Mortgagee’s 's option and upon its demand, Mortgagor, Mortgagor shall, until all Secured Obligations have been paid in full, pay to Mortgagee monthly, annually or as otherwise directed by Mortgagee an amount estimated by Mortgagee to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or quasi-public authority or utility company which are or may become a lien upon the Subject Property or Collateral and will become due for the tax year during which such payment is so directed; and (b) premiums for fire, hazard and insurance required or requested pursuant to the Loan Documents when same are next due. If Mortgagee determines that any amounts paid by Mortgagor are insufficient for the payment in full of such taxes, assessments, levies, charges and/or insurance premiums, Mortgagee shall notify Mortgagor of the increased amounts required to pay all amounts when due, whereupon Mortgagor shall pay to Mortgagee within thirty (30) days thereafter the additional amount as stated in Mortgagee’s 's notice. All sums so paid shall not bear interest, except to the extent and in any minimum amount required by law; and Mortgagee shall, unless Mortgagor is otherwise in Default hereunder or under any Loan Document, apply said funds to the payment of, or at the sole option of Mortgagee release said funds to Mortgagor for the application to and payment of, such sums, taxes, assessments, levies, charges, and insurance premiums. Upon Default by Mortgagor hereunder or under any Loan Document, Mortgagee may apply all or any part of said sums to any Secured Obligation and/or to cure such Default, in which event Mortgagor shall be required to restore all amounts so applied, as well as to cure any other events or conditions of Default not cured by such application. Upon assignment of this Mortgage, Mortgagee shall have the right to assign in writing all amounts collected and in its possession to its assignee whereupon Mortgagee shall be released from all liability with respect thereto. Within ninety-five (95) days following full repayment of the Secured Obligations (other than full repayment of the Secured Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Secured Obligations) or at such earlier time as Mortgagee may elect, the balance of all amounts collected and in Mortgagee’s 's possession shall be paid to Mortgagor and no other party shall have any right or claim thereto.
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