Common use of Tax and Insurance Reserve Account Clause in Contracts

Tax and Insurance Reserve Account. On the Closing Date, Borrower shall deposit or cause to be deposited into the Tax and Insurance Reserve Account amounts approved by Lender as the estimated cost of the Taxes and insurance premiums applicable to the Property, which amounts are set forth in the loan closing statement executed by Lender and Borrower contemporaneously herewith. Additionally, Borrower shall pay to Lender on each date that a monthly payment is due under the Loan (a “Payment Date”), one-twelfth of the Taxes and insurance premiums 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 and insurance premiums at least thirty (30) days prior to their respective due dates, which amounts shall be deposited into the Tax and Insurance Reserve Account pursuant to the Pledge Agreement executed by Borrower in favor of Lender (the “Pledge Agreement). Provided no Event of Default shall have occurred and be continuing, Lender will apply funds in the Tax and Insurance Reserve Account to payments of Taxes and insurance premiums required to be made by Borrower pursuant to the requirements of this Loan Agreement and under the Instrument. In making any payment relating to the Tax and insurance premiums, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to insurance premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. Any amount remaining in the Tax and Insurance Reserve Account after the Loan has been paid in full shall be returned to Borrower. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the Property. If at any time Lender reasonably determines that the funds in the Tax and Insurance Reserve Account are not or will not be sufficient to pay Taxes at least thirty (30) days prior to their respective due dates and insurance premiums at least thirty (30) days prior to the expiration of the policies, Lender shall notify Borrower of such determination and Borrower shall deposit with Lender within ten (10) days thereafter the amount of such deficiency determined by Lender.

Tax and Insurance Reserve Account. On The Tax and Insurance Reserve Fund, the Closing DateMonthly Debt Service Payment Amount and all other payments due hereunder or under the other Loan Documents, shall be added together and shall be paid as an aggregate sum by Borrower shall deposit or cause to be deposited into Lender. Lender will apply the Tax and Insurance Reserve Account amounts approved by Lender as the estimated cost of the Taxes and insurance premiums applicable to the Property, which amounts are set forth in the loan closing statement executed by Lender and Borrower contemporaneously herewith. Additionally, Borrower shall pay to Lender on each date that a monthly payment is due under the Loan (a “Payment Date”), one-twelfth of the Taxes and insurance premiums 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 and insurance premiums at least thirty (30) days prior to their respective due dates, which amounts shall be deposited into the Tax and Insurance Reserve Account pursuant to the Pledge Agreement executed by Borrower in favor of Lender (the “Pledge Agreement). Provided no Event of Default shall have occurred and be continuing, Lender will apply funds in the Tax and Insurance Reserve Account Fund to payments of Taxes and insurance premiums Insurance Premiums required to be made by Borrower pursuant to the requirements of this Loan Agreement and under the InstrumentMortgages. In making any payment relating to the Tax and insurance premiumsInsurance Reserve Fund, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to insurance premiums), Insurance Premiums) or from Borrower without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof; provided, however, Lender shall use reasonable efforts to pay such real property taxes sufficiently early to obtain the benefit of any available discounts to which it has knowledge. Any If the amount remaining in of the Tax and Insurance Reserve Account after Fund shall exceed the Loan has been paid amounts due for Taxes, Other Charges and Insurance Premiums, Lender shall, in full its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax and Insurance Reserve Fund. The Tax and Insurance Reserve Fund shall be returned to Borrowerheld by Lender in an interest-bearing account and shall at Lender’s option be held in Eligible Account at an Eligible Institution. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the PropertyProperties. If at any time Lender reasonably determines that the funds in the Tax and Insurance Reserve Account are Fund is not or will not be sufficient to pay Taxes at least thirty (30) days prior to their respective due Taxes, Other Charges and Insurance Premiums by the dates and insurance premiums at least thirty (30) days prior to the expiration of the policiesset forth above, Lender shall notify Borrower of such determination and Borrower shall deposit with increase their monthly payments to Lender within ten by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (1030) days thereafter prior to delinquency of the amount Taxes or Insurance Premiums. Any Tax and Insurance Reserve Funds remaining after the Debt has been paid in full shall be paid (i) to Junior Mezzanine Lender to be held by Junior Mezzanine Lender pursuant to the Junior Mezzanine Loan Agreement for purposes similar to those described in this Section 7.2; or (ii) if the Junior Mezzanine Loan is not then outstanding, then to Borrower. Notwithstanding anything to the contrary hereinbefore contained, Lender shall waive the requirement set forth herein for Borrower to make deposits for the payment of such deficiency Insurance Premiums into the Tax and Insurance Reserve Fund so long as (a) no Event of Default has occurred and is continuing, and (b) Borrower has provided Lender with satisfactory evidence (as determined by Lender) that each Individual Property is insured in accordance with Section 6.1 of this Agreement and the Mortgage Loan Agreement pursuant to a blanket insurance Policy covering substantially all real property owned directly or indirectly by Indemnitor, including, without limitation, the Properties.

Tax and Insurance Reserve Account. (a) On the Closing Datedate hereof, Borrower Lender shall deposit or cause establish the following account for purposes of holding the funds to be deposited by Borrower pursuant to Section 5 of the Mortgage and this Section 2.1: a “Tax and Insurance Reserve Account” (the “Tax and Insurance Reserve Account”). The Tax and Insurance Reserve Account shall be a custodial account established by Lender and shall not constitute a trust fund. At Lender’s option, funds deposited into the Tax and Insurance Reserve Account amounts approved may be commingled with other money held by Lender as the estimated cost of the Taxes or its servicer. Borrower acknowledges and insurance premiums applicable to the Property, which amounts are set forth in the loan closing statement executed by Lender and Borrower contemporaneously herewith. Additionally, Borrower shall pay to Lender on each date agrees that a monthly payment is due under the Loan (a “Payment Date”), one-twelfth of the Taxes and insurance premiums 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 and insurance premiums at least thirty (30) days prior to their respective due dates, which amounts shall be deposited into the Tax and Insurance Reserve Account is subject to the sole dominion, control and discretion of Lender, its authorized agents or designees, subject to the terms hereof. Borrower shall not have the right to make any withdrawals from the Tax and Insurance Reserve Account, all of such rights being reserved to, and solely exercised by, Lender pursuant to and in accordance with the Pledge terms of this Agreement executed by and the other Loan Documents. (b) As set forth further in Section 5 of the Mortgage, Borrower shall deposit in favor escrow with Lender, together with and in addition to the monthly payments of Lender (principal and interest payable under the “Pledge Agreement)terms of the Note, a sum equal to one twelfth of the annual real estate taxes, insurance premiums and other charges and assessments for the Property, as set forth further in Section 5 of the Mortgage. Provided no Event of Default shall have occurred and be continuingOn the date hereof, Lender will apply funds Borrower has deposited in the Tax and Insurance Reserve Account an amount sufficient to payments of Taxes and cover necessary accrued tax deposits, insurance premiums required to be made by Borrower pursuant to and other charges and assessments. (c) Notwithstanding the foregoing, the requirements of set forth in this Loan Agreement and under Section 2.1 for the Instrument. In making any payment relating Borrower to the Tax and pay deposits for insurance premiums, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (premiums shall not be applicable with respect to Taxesthe Property, as long as and only to the extent that the following conditions are satisfied: (i) or insurer or agent (satisfactory evidence with respect to the timely payment of the insurance premiums), without inquiry into premiums is furnished to Lender within the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. Any amount remaining time frames otherwise required in the Tax Mortgage or otherwise promptly upon the request of Lender; and Insurance Reserve Account after the Loan (ii) no Event of Default has been paid in full shall be returned to Borrower. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner occurred and is continuing under this Agreement or any of the Property. If at any time Lender reasonably determines that the funds in the Tax and Insurance Reserve Account are not or will not be sufficient to pay Taxes at least thirty (30) days prior to their respective due dates and insurance premiums at least thirty (30) days prior to the expiration of the policies, Lender shall notify Borrower of such determination and Borrower shall deposit with Lender within ten (10) days thereafter the amount of such deficiency determined by Lenderother Loan Documents.

Tax and Insurance Reserve Account. On The Tax and Insurance Reserve Funds and the Closing Datepayments of interest or principal or both, payable pursuant to the Note, shall be added together and shall be paid as an aggregate sum by Borrower shall deposit or cause to be deposited into Lender. Lender will apply the Tax and Insurance Reserve Account amounts approved by Lender as the estimated cost of the Taxes and insurance premiums applicable to the Property, which amounts are set forth in the loan closing statement executed by Lender and Borrower contemporaneously herewith. Additionally, Borrower shall pay to Lender on each date that a monthly payment is due under the Loan (a “Payment Date”), one-twelfth of the Taxes and insurance premiums 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 and insurance premiums at least thirty (30) days prior to their respective due dates, which amounts shall be deposited into the Tax and Insurance Reserve Account pursuant to the Pledge Agreement executed by Borrower in favor of Lender (the “Pledge Agreement). Provided no Event of Default shall have occurred and be continuing, Lender will apply funds in the Tax and Insurance Reserve Account Funds to payments of Taxes and insurance premiums Insurance Premiums required to be made by Borrower pursuant to the requirements of this Loan Agreement Section 5.1.2 hereof and under each Security Instrument for each of those Properties for which the InstrumentTax and Insurance Reserve Funds are being reserved hereunder. In making any payment relating to the Tax and insurance premiumsInsurance Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to insurance premiumsInsurance Premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. Any If the amount remaining of Tax and Insurance Reserve Funds shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Section 5.1.2 hereof, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax and Insurance Reserve Account after the Loan has been paid in full shall be returned to Borrower. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the PropertyAccount. If at any time Lender reasonably determines that the funds amount then on deposit in the Tax and Insurance Reserve Account are is not or will not be sufficient to pay Taxes at least thirty and Insurance Premiums by the dates set forth in (30a) days prior to their respective due dates and insurance premiums at least thirty (30b) days prior to the expiration of the policiesabove, Lender shall notify Borrower of such determination and Borrower shall deposit with increase its monthly payments to Lender within ten by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (1030) days thereafter prior to delinquency of the amount Taxes and/or thirty (30) days prior to expiration of the Policies, as the case may be. Notwithstanding anything contained in this clause (a) to the contrary, the Tax and Insurance Reserve Funds shall not include, and Borrower shall be responsible to pay, or cause to be paid, all Taxes and Insurance Premiums required to be paid with respect to any Property subject to a Lease, which Lease provides that every monetary and non-monetary obligation associated with managing, owning, developing and operating such deficiency determined by LenderProperty, including, without limitation, the obligation to pay Taxes and Insurance Premiums, is an obligation of Wachovia or an Acceptable Replacement Tenant (i.e., a “triple net” Lease).

Tax and Insurance Reserve Account. On The Tax and Insurance Reserve Fund, the Closing DateMonthly Debt Service Payment Amount and all other payments due hereunder or under the other Loan Documents, shall be added together and shall be paid as an aggregate sum by Borrower shall deposit or cause to be deposited into Lender. Lender will apply the Tax and Insurance Reserve Account amounts approved by Lender as the estimated cost of the Taxes and insurance premiums applicable to the Property, which amounts are set forth in the loan closing statement executed by Lender and Borrower contemporaneously herewith. Additionally, Borrower shall pay to Lender on each date that a monthly payment is due under the Loan (a “Payment Date”), one-twelfth of the Taxes and insurance premiums 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 and insurance premiums at least thirty (30) days prior to their respective due dates, which amounts shall be deposited into the Tax and Insurance Reserve Account pursuant to the Pledge Agreement executed by Borrower in favor of Lender (the “Pledge Agreement). Provided no Event of Default shall have occurred and be continuing, Lender will apply funds in the Tax and Insurance Reserve Account Fund to payments of Taxes and insurance premiums Insurance Premiums required to be made by Borrower pursuant to the requirements of this Loan Agreement and under the InstrumentMortgages. In making any payment relating to the Tax and insurance premiumsInsurance Reserve Fund, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to insurance premiums), Insurance Premiums) or from Borrower without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof; provided, however, Lender shall use reasonable efforts to pay such real property taxes sufficiently early to obtain the benefit of any available discounts to which it has knowledge. Any If the amount remaining in of the Tax and Insurance Reserve Account after Fund shall exceed the Loan has been paid amounts due for Taxes, Other Charges and Insurance Premiums, Lender shall, in full its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax and Insurance Reserve Fund. The Tax and Insurance Reserve Fund shall be returned to Borrowerheld by Lender in an interest-bearing account and shall at Lender’s option be held in Eligible Account at an Eligible Institution. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the PropertyProperties. If at any time Lender reasonably determines that the funds in the Tax and Insurance Reserve Account are Fund is not or will not be sufficient to pay Taxes at least thirty (30) days prior to their respective due Taxes, Other Charges and Insurance Premiums by the dates and insurance premiums at least thirty (30) days prior to the expiration of the policiesset forth above, Lender shall notify Borrower of such determination and Borrower shall deposit with increase their monthly payments to Lender within ten by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (1030) days thereafter prior to delinquency of the amount Taxes or Insurance Premiums. Any Tax and Insurance Reserve Funds remaining after the Debt has been paid in full shall be paid to Borrower. Notwithstanding anything to the contrary hereinbefore contained, Lender shall waive the requirement set forth herein for Borrower to make deposits for the payment of such deficiency Insurance Premiums into the Tax and Insurance Reserve Fund so long as (a) no Event of Default has occurred and is continuing, and (b) Borrower has provided Lender with satisfactory evidence (as determined by Lender) that each Individual Property is insured in accordance with Section 6.1 of this Agreement and the Mortgage Loan Agreement pursuant to a blanket insurance Policy covering substantially all real property owned directly or indirectly by Indemnitor, including, without limitation, the Properties.

Tax and Insurance Reserve Account. On the Closing Date, (i) The Borrower shall deposit establish, on or cause to be deposited into before the date hereof, and shall at all times thereafter maintain, a separate tax and insurance reserve account with the Administrative Agent (the “Tax and Insurance Reserve Account amounts approved Account”) Upon any failure by Lender the Borrower to pay Real Estate Taxes or Insurance Premiums or the occurrence and continuance of an Event of Default, the Borrower shall deposit immediately upon request of the Administrative Agent and at all times thereafter, on the first day of each month; (A) one twelfth (1/12th ) of the Real Estate Taxes that are budgeted for the Fiscal Year in question or such greater amount as the estimated cost of the Taxes and insurance premiums applicable to the Property, which amounts are set forth in the loan closing statement executed by Lender and Borrower contemporaneously herewith. Additionally, Borrower shall pay to Lender on each date that a monthly payment is due under the Loan (a “Payment Date”), one-twelfth of the Taxes and insurance premiums that Lender Administrative Agent estimates will be payable or should be accrued during the next ensuing twelve (12) months in order to accumulate with Lender in the Tax and Insurance Reserve Account sufficient funds to pay or accrue all such Real Estate Taxes and insurance premiums at least thirty (30) days prior to their respective due dates, which amounts ; and (B) one twelfth (1/12th) of the Insurance Premiums that are budgeted for the Fiscal Year in question or such greater amount as the Administrative Agent reasonably estimates will be payable for the renewal of the coverage afforded by the Insurance Policies upon the expiration thereof in order to accumulate in the Tax and Insurance Reserve Account sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Insurance Policies. (ii) The Tax and Insurance Reserve Account shall be deposited into in the name of the Borrower but shall be under the sole and exclusive control and dominion of the Administrative Agent, on behalf of the Lenders, and the Borrower shall not have the right to make any withdrawals from, exercise any control or authority over, or originate instructions with respect to the Tax and Insurance Reserve Account. The Administrative Agent will disburse or apply amounts in the Tax and Insurance Reserve Account to permit Borrower to pay for Real Estate Taxes and Insurance Premiums upon presentation of third-party bills therefor and an officer’s certificate in form and substance reasonably satisfactory to the Administrative Agent certifying that the requested disbursement will be used for the payment of the Real Estate Taxes or Insurance Premiums specified in the third-party bills presented to the Administrative Agent. In disbursing funds from the Tax and Insurance Reserve Account pursuant to this subsection (c), the Pledge Agreement executed by Borrower in favor of Lender (the “Pledge Agreement). Provided no Event of Default shall have occurred and be continuing, Lender will apply funds in the Tax and Insurance Reserve Account to payments of Taxes and insurance premiums required to be made by Borrower pursuant to the requirements of this Loan Agreement and under the Instrument. In making any payment relating to the Tax and insurance premiums, Lender Administrative Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Real Estate Taxes) or insurer or agent (with respect to insurance premiumsInsurance Premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien Lien or title or claim thereof. Any The Administrative Agent shall make disbursements from the Tax and Insurance Reserve Account, or authorize such disbursement, within ten (10) Business Days after the Borrower’s request for such disbursement and the satisfaction of the other conditions set forth above in this subsection (c). Unless the Borrower otherwise instructs the Administrative Agent in writing, disbursements under this subsection (c) shall be made by transfer of the corresponding funds to an Operating Account or, at the Administrative Agent’s discretion, by direct payment to the taxing authority, insurer or other Person entitled to receive such payment, as applicable. If at any time the Administrative Agent reasonably determines that the amount remaining in the Tax and Insurance Reserve Account after the Loan has been paid in full shall be returned to Borrower. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the Property. If at any time Lender reasonably determines that the funds in the Tax and Insurance Reserve Account are is not or will not be sufficient to pay the Real Estate Taxes at least thirty (30) days prior to their respective due dates and insurance premiums at least thirty (30) days prior to Insurance Premiums for any corresponding period, the expiration of the policies, Lender Administrative Agent shall notify Borrower in writing of such determination with an explanation as to the basis therefor, and Borrower shall deposit with Lender within ten (10) days thereafter increase its monthly payments into the Tax and Insurance Reserve Account by the amount of such deficiency determined by Lenderthat the Administrative Agent estimates is sufficient to make up the deficiency.

Tax and Insurance Reserve Account. On The Tax and Insurance Reserve Fund, the Closing DateMonthly Debt Service Payment Amount and all other payments due hereunder or under the other Loan Documents, shall be added together and shall be paid as an aggregate sum by Borrower shall deposit or cause and Maryland Owner to be deposited into Lender. Lender will apply the Tax and Insurance Reserve Account amounts approved by Lender as the estimated cost of the Taxes and insurance premiums applicable to the Property, which amounts are set forth in the loan closing statement executed by Lender and Borrower contemporaneously herewith. Additionally, Borrower shall pay to Lender on each date that a monthly payment is due under the Loan (a “Payment Date”), one-twelfth of the Taxes and insurance premiums 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 and insurance premiums at least thirty (30) days prior to their respective due dates, which amounts shall be deposited into the Tax and Insurance Reserve Account pursuant to the Pledge Agreement executed by Borrower in favor of Lender (the “Pledge Agreement). Provided no Event of Default shall have occurred and be continuing, Lender will apply funds in the Tax and Insurance Reserve Account Fund to payments of Taxes and insurance premiums Insurance Premiums required to be made by Borrower and Maryland Owner pursuant to the requirements of this Loan Agreement and under the InstrumentMortgages. In making any payment relating to the Tax and insurance premiumsInsurance Reserve Fund, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to insurance premiums), Insurance Premiums) or from Borrower or Maryland Owner without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof; provided, however, Lender shall use reasonable efforts to pay such real property taxes sufficiently early to obtain the benefit of any available discounts to which it has knowledge. Any If the amount remaining in of the Tax and Insurance Reserve Account after Fund shall -100- exceed the Loan has been paid amounts due for Taxes, Other Charges and Insurance Premiums, Lender shall, in full its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax and Insurance Reserve Fund. The Tax and Insurance Reserve Fund shall be returned to Borrowerheld by Lender in an interest-bearing account and shall at Lender’s option be held in Eligible Account at an Eligible Institution. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the PropertyProperties. If at any time Lender reasonably determines that the funds in the Tax and Insurance Reserve Account are Fund is not or will not be sufficient to pay Taxes Taxes, Other Charges and Insurance Premiums by the dates set forth above, Lender shall notify Borrower and Maryland Owner of such determination and Borrower and Maryland Owner shall increase their monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to their respective due dates delinquency of the Taxes or Insurance Premiums. Any Tax and insurance premiums at least thirty Insurance Reserve Funds remaining after the Debt has been paid in full shall be paid (30a) days prior to Senior Mezzanine Lender to be held by Senior Mezzanine Lender pursuant to the expiration of Senior Mezzanine Loan Agreement for purposes similar to those described in this Section 7.2, (b) if the policiesSenior Mezzanine Loan is no longer outstanding, but the Junior Mezzanine Loan is outstanding, then to Junior Mezzanine Lender to be held by Junior Mezzanine Lender pursuant to the Junior Mezzanine Loan Agreement for purposes similar to those described in this Section 7.2, or (c) if neither the Senior Mezzanine Loan nor the Junior Mezzanine Loan is then outstanding, then to Borrower. Notwithstanding anything to the contrary hereinbefore contained, Lender shall notify waive the requirement set forth herein for Borrower and Maryland Owner to make deposits for the payment of such determination Insurance Premiums into the Tax and Insurance Reserve Fund so long as (a) no Event of Default has occurred and is continuing, and (b) Borrower shall deposit and Maryland Owner have provided Lender with Lender within ten satisfactory evidence (10) days thereafter the amount of such deficiency as determined by Lender) that each Individual Property is insured in accordance with Section 6.1 of this Agreement pursuant to a blanket insurance Policy covering substantially all real property owned directly or indirectly by Indemnitor, including, without limitation, the Properties.