Tax and Insurance Reserve. (i) On each Monthly Payment Date, Borrowers shall pay to Agent a sum equal to one-twelfth of an amount which would be sufficient to pay the Taxes payable, or reasonably estimated by Agent to be payable, during the ensuing twelve (12) months to be held as a tax reserve to fund payment of future Taxes (the “Tax Reserve”). If requested by Agent (not earlier than two months prior to the date on which the next installment of Taxes becomes due), Borrowers shall also deposit, within five (5) Business Days of such request, into the Tax Reserve an amount which, together with the aggregate of deposits to be made on each Monthly Payment Date pursuant to the first sentence of this subsection (i), shall be sufficient, as of one month prior to the date on which the next installment of Taxes becomes due, to pay in full such installment of Taxes, as reasonably estimated by Agent. Agent shall apply such funds to, or (at the sole option of Agent) release such funds to Borrowers for, payment of such Taxes, provided that Borrowers have promptly supplied Agent with timely notice of all Taxes due.
(ii) On each Monthly Payment Date, Borrowers shall pay to Agent a sum equal to one-twelfth of the most recent annual insurance premiums to be held as an insurance reserve to pay for all liability and property insurance required to be to be held and maintained (the “Insurance Premiums”) by Borrowers pursuant to this Agreement (the “Insurance Reserve”, and together with the Tax Reserve, collectively referred to herein as the “Tax and Insurance Reserve”). If requested by Agent (not earlier than two months prior to the date on which the next installment of the next annual Insurance Premium becomes due), Borrowers shall also deposit, within five (5) Business Days of such request, into the Tax and Insurance Reserve an amount which, together with the aggregate of the monthly deposits to be made pursuant to the preceding sentence, shall be sufficient, as of one month prior to the date on which the next installment of the next annual Insurance Premium becomes due, to pay in full such insurance premium, as estimated by Agent. Agent shall apply such funds to, or (at the sole option of Agent) release such funds to Borrowers for, payment of such Insurance Premiums, provided that Borrowers have promptly supplied Agent with timely notices of all Insurance Premiums due.
(iii) In making any payment relating to Taxes or Insurance Premiums, Agent may do so according to any xxxx, statement or estimate pr...
Tax and Insurance Reserve. (a) Each Borrower shall furnish the Administrative Agent with bills for the Taxes and insurance charges for which payments are required at least thirty (30) days prior to the date on which the charges first become payable. If at any time the amount on deposit with the Administrative Agent in the Tax and Insurance Reserve, together with amounts to be deposited by the Borrowers at least thirty (30) days before such charges are payable, is insufficient to pay such charges, the Borrowers shall deposit any deficiency with the Administrative Agent immediately upon demand. The Administrative Agent shall pay such charges to the extent funds are available on deposit with the Administrative Agent in the Tax and Insurance Reserve and the Administrative Agent has received a bxxx for such charges. The Administrative Agent shall have no obligation to make disbursements from the Tax and Insurance Reserve while any Event of Default exists.
(b) No portion of the funds on deposit in the Tax and Insurance Reserve shall be required to be released by the Administrative Agent as a result of or in connection with the Release of any Individual Property.
Tax and Insurance Reserve. The Construction Budget shall contain Budget Line Items for payment of real estate taxes and Insurance Premiums (the “Tax and Insurance Reserve”). Borrower hereby authorizes Lender from time to time, for the mutual convenience of Lender and Borrower, to disburse Loan proceeds to pay real estate taxes and Insurance Premiums, to the extent then due and payable, regardless of whether Borrower shall have specifically requested disbursement of such amount. Any such disbursement, if made, shall be added to the outstanding principal balance of the Note and shall, when disbursed, bear interest at the Applicable Rate. The authorization hereby granted, however, shall not obligate Lender to make disbursements of the Loan for real estate taxes and Insurance Premiums, unless Borrower requests, and qualifies for, disbursement of the portion of the Construction Budget allocated therefor.
Tax and Insurance Reserve. If requested by Beneficiary, Grantors shall create a reserve for the payment of all insurance premiums, taxes and assessments against or affecting the Mortgaged Property by paying the Beneficiary, on the first day of each calendar month prior to the maturity of the Notes, a sum equal to one-twelfth (1/12) of the estimated taxes, assessments and insurance premiums that will next become due and payable on the Mortgaged Property as reasonably estimated by Beneficiary. All such sums shall be held by Beneficiary without interest, unless interest is required by applicable law, for the purposes of paying such premiums, taxes and assessments. Any excess reserve shall, at the discretion of Beneficiary, be credited by Beneficiary on subsequent reserve payments or subsequent payments to be made on the Notes. If Beneficiary elects to credit excess reserves to subsequent reserves or note payments, Beneficiary will credit such excess first to subsequent reserves, provided there is then no event of default and no event has occurred which with notice or the passage of time could result in an event of default. Any deficiency shall be paid by Grantors to Beneficiary on or before the date when such premiums, taxes and assessments shall become delinquent. Transfer of legal title to the Mortgaged Property shall automatically transfer the interest of Grantors in all sums deposited with Beneficiary under the provisions hereof.
Tax and Insurance Reserve. (a) Beginning on the Closing Date and on each Payment Date thereafter, Borrower shall deposit with Lender the amount estimated by Lender to be one-twelfth (1/12) of the annual amount of all real estate, ad valorem and similar taxes on the Property or any part thereof ("Taxes") and insurance premiums for policies required pursuant to this Agreement (as is sufficient to pay the Taxes and insurance premiums thirty (30) days prior to their respective due dates) (collectively, the "Tax and Insurance Monthly Installment"). The Tax and Insurance Monthly Installment may include, at Lxxxxx's sole and absolute discretion, any Impositions that Bxxxxxxx has failed to pay on a timely basis during the term of the Loan (the "Additional Imposition"). Such sums shall be held by Lxxxxx in the Tax and Insurance Reserve Account. Lender may re-calculate the Tax and Insurance Monthly Installment from time to time to assure that funds are reserved in sufficient amounts to enable the payment of the Taxes, Additional Impositions, and insurance premiums thirty (30) days prior to their respective due dates) and following notification of any such increase Borrower shall increase its Tax and Insurance Monthly Installment to such increased amount determined by Lender. If such amounts for the then current Fiscal Year or payment period are not ascertainable by Lender at the time a monthly deposit is required to be made, the Tax and Insurance Monthly Installment shall be Lender's estimate based on one-twelfth (1/12) of the aggregate Taxes, Additional Impositions, and insurance premiums for the prior Fiscal Year or payment period, with adjustments determined by Lender. As soon as Taxes, Additional Impositions, and insurance premiums are fixed for the then current Fiscal Year or period, the next ensuing Tax and Insurance Monthly Installment shall be adjusted to reflect any deficiency or surplus in prior Tax and Insurance Monthly Installments. Provided no Event of Default exists, Lender shall make payments of Taxes, Additional Impositions, and insurance premiums out of the Tax and Insurance Reserve Account before the same shall be delinquent to the extent that there are funds available in the Tax and Insurance Reserve Account and Lender has received appropriate documentation to establish the amount(s) due and the due date(s) as and when provided above. Lender will require an annual tax search of the Property by a tax search firm selected by Lender. Borrower shall pay Lender, within ten (10) ...
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Tax and Insurance Reserve. To the extent that a third party Mortgage Loan lender is not escrowing amounts to pay taxes and insurance costs and premiums with respect to a Project, then the Project Operating Budget for such Project shall contain a line item for a tax and insurance reserve (the "Tax and Insurance Reserve"). The Company shall cause the Subsidiary that owns such Project to reserve on a monthly basis one-twelfth (1/12) of the amounts sufficient to pay, when due, taxes and insurance costs and premiums for such Project.
Tax and Insurance Reserve. The Construction Budget shall contain Budget Line Items for payment of real estate taxes and Insurance Premiums (the “Tax and Insurance Reserve”). Borrower hereby authorizes the Agent from time to time, for the mutual convenience of the Lenders and Borrower, to disburse Facility A Loan proceeds to pay real estate taxes and Insurance Premiums, to the extent then due and payable, regardless of whether Borrower shall have specifically requested disbursement of such amount. Any such disbursement, if made, shall be added to the outstanding principal balance of the Facility A Notes and shall, when disbursed, bear interest at the Applicable Rate. The authorization hereby granted, however, shall not obligate Facility A Lenders to make disbursements of the Facility A Loans for real estate taxes and Insurance Premiums, unless Borrower requests, and qualifies for, disbursement of the portion of the Construction Budget allocated therefor.
Tax and Insurance Reserve. (a) Borrower shall pay to Lender on each Payment Date (a) one-twelfth of the Taxes that Lender estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates, and (b) one-twelfth of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (said amounts in (a) and (b) above so deposited shall hereinafter be called the “Tax and Insurance Reserve Funds”). The account in which the Tax and Insurance Reserve Funds are held shall hereinafter be referred to as the “
Tax and Insurance Reserve. At Closing and as additional security for the Loan, Borrower shall also establish and maintain at all times while the Loan is outstanding a reserve with Lender in an initial amount which, together with monthly anticipated payments described in this Section, will be sufficient to pay all insurance premiums and all real estate taxes on the Property when they become due (“Tax and Insurance Reserve”). Provided no Event of Default has occurred, funds shall be disbursed from the Tax and Insurance Reserve to fund taxes and insurance reserved for when the same become due and payable.
