Tax and Insurance Reserves. Subject to any limitations set by applicable law, Lender may require Grantor to maintain with Lender reserves for payment of annual taxes, assessments, and insurance premiums, which reserves shall be created by advance payment or monthly payments of a sum estimated by Lender to be sufficient to produce amounts at least equal to the taxes, assessments, and insurance premiums to be paid. The reserve funds shall be held by Lender as a general deposit from Grantor, which Lender may satisfy by payment of the taxes, assessments, and insurance premiums required to be paid by Grantor as they become due. Lender shall have the right to draw upon the reserve funds to pay such items, and Lender shall not be required to determine the validity or accuracy of any item before paying it. Nothing in the Mortgage shall be construed as requiring Lender to advance other monies for such purposes, and Lender shall not incur any liability for anything it may do or omit to do with respect to the reserve account. All amounts in the reserve account are hereby pledged to further secure the indebtedness, and Lender is hereby authorized to withdraw and apply such amounts on the indebtedness upon the occurrence of an Event of Default. Lender shall not be required to pay any interest or earnings on the reserve funds unless required by law or agreed to by Lender in writing. Lender does not hold the reserve funds in trust for Grantor, and Lender is not Grantor's agent for payment of the taxes and assessments required to be paid by Grantor.
Tax and Insurance Reserves. Taxes - ☐ Collected or ☐ Deferred Insurance premiums - ☐ Collected or ☐ Deferred (See Article IV)
Tax and Insurance Reserves. Section 4.24. Delinquencies........................................... Section 4.25.
Tax and Insurance Reserves. Section 6.6.
Tax and Insurance Reserves. If the law requires payment of interest on Tax and Insurance Reserves to the Mortgagor, the Servicer is solely and fully responsible for payment of such interest. Payment of such interest on Tax and Insurance Reserves shall not be reflected in the Servicer's accounting for principal and interest.
Tax and Insurance Reserves. All Tax and Insurance Reserves shall be established and maintained in accordance with the Mortgage Loan Documents, Xxxxxx Mae Guidelines and applicable federal and state laws for Mortgage Loans. The Servicer will keep records of Escrow funds collected from the Borrower for the payment of real estate taxes, ground rents, Hazard Insurance and, if applicable, Flood Insurance premiums, assessments and other charges credited to the Tax and Insurance Reserve and deposited into the Custodial T &
Tax and Insurance Reserves. In addition to the payments required by the Note, Mortgagor agrees to pay Mortgagee, at Mortgagee's request following and during the continuance of the occurrence of an Event of Default (defined below), such sums as Mortgagee may from time to time estimate will be required to pay, at least thirty (30) days before due, the next due taxes, assessments, insurance premiums, and similar charges affecting the Property, less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such taxes, assessments and premiums will become delinquent, such sums to be held by Mortgagee without interest or other income to the Mortgagor to pay such taxes, assessments and premiums. Should this estimate as to taxes, assessments and premiums prove insufficient, the Mortgagor upon demand agrees to pay Mortgagee such additional sums as may be required to pay them before delinquent. If the total of the above-described payments in any one year shall exceed the amounts actually paid by Mortgagee for taxes, assessments and premiums, such excess may be credited by Mortgagee on subsequent payments under this section. If an Event of Default occurs for which Mortgagee elects to realize upon this Mortgage, then at the time of any sale under power or final decree of foreclosure, Mortgagee shall apply any balance of funds it may hold pursuant to this Section 4.16 first to interest on and then to the principal of the Note. If Mortgagee acquires the Property in lieu of realizing on this Mortgage, the balance of funds it holds shall become the property of Mortgagee. Any transfer in fee of all or a part of the Property shall automatically transfer to the grantee all or a proportionate part of Mortgagor's rights and interest in the fund accumulated hereunder.
Tax and Insurance Reserves. In addition to the monthly payments of principal and interest payable under the terms of the Note secured hereby, Trustor covenants and agrees to pay on the first day of each month until the indebtedness is paid, one-twelfth (1/12) of the annual taxes and special assessments, and any other charges levied or to be levied against the Trust Property, and one-twelfth (1/12) of the annual hazard and rental insurance premiums for the Trust Property, said funds to be held by Beneficiary, or its agent, and used by it to pay taxes and assessments before delinquent and to pay insurance premiums when due. Trustor further covenants and agrees that if the reserve is not sufficient to pay all such items, upon notice of the amount of deficiency, Trustor will immediately pay same to Beneficiary or its agent. Deposits made under this Section 1.5 may be commingled with Beneficiary’s general corporate funds, and Beneficiary shall have no liability to Trustor for any interest on such deposits. All amounts paid under this Section are hereby assigned to Beneficiary as additional security for the indebtedness secured hereby and, in the event of a default in the payment of any money or the performance of any covenant or obligation herein contained or secured hereby, then any deposits made by the Trustor under this paragraph may, at the option of Beneficiary, be applied to the payment of principal and/or interest upon the indebtedness secured hereby, in lieu of being applied to any of the purposes in this paragraph previously stated.
Tax and Insurance Reserves. Upon the occurrence and during the occurrence of an Event of Default, Borrower shall maintain with Bank reserves for payment of Property taxes and insurance premiums, which reserves shall be created by monthly payments from Borrower of a sum estimated by Bank to be sufficient to produce, at least fifteen (15) days before the premium or tax due date, amounts at least equal to the insurance premiums and taxes to be paid. If fifteen (15) days before payment is due, the reserve funds are insufficient, Borrower shall upon demand pay any deficiency to Bank. The reserve funds shall be held by Bank as a general deposit and shall constitute a non-interest-bearing deposit account which Bank may satisfy by payment of the insurance premiums and taxes required to be paid by Borrower as they become due. Bank does not hold the reserve funds in trust for Borrower, and Bank is not the agent of Borrower for payment of the insurance premiums and taxes required to be paid by Borrower. The responsibility for the payment of insurance premiums and taxes shall remain Borrower’s sole responsibility.
