Common use of TAX AND INSURANCE Clause in Contracts

TAX AND INSURANCE. On the date hereof, Borrower shall deposit with Lender the following sums: (i) $737,701.65 with respect to Impositions, and (ii) $153,112.04 with respect to insurance premiums. Such sums shall be held by Lender in the Tax and Insurance Reserve Account. Beginning on the first Payment Date and on each Payment Date thereafter, Borrower shall deliver to Lender the amount reasonably estimated by Lender to be one-twelfth (1/12th) of the annual amount of (A) Impositions, which amount shall initially be $273,138.51, and (B) insurance premiums for policies required pursuant to this Agreement, which amount shall initially be $126,376.83 (provided, that Lender may re-calculate the foregoing monthly amounts from time to time to assure that funds are reserved in sufficient amounts to enable the payment of Impositions and insurance premiums thirty (30) days prior to their respective due dates) (collectively, the “Tax and Insurance Monthly Installment”). 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 reasonable estimate based on one-twelfth (1/12th) of the aggregate Impositions and insurance premiums for the prior Fiscal Year or payment period, with adjustments reasonably determined by Lender. As soon as 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. Lender shall make payments of 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.

TAX AND INSURANCE. On (a) At least five (5) Business Days prior to the due date hereofof any Tax and Insurance payment, and not more frequently than once each Interest Accrual Period, Borrower shall deposit with Lender the following sums: (i) $737,701.65 with respect to Impositions, and (ii) $153,112.04 with respect to insurance premiums. Such sums shall be held by notify Lender in the writing and request that Lender make such Tax and Insurance Reserve Accountpayment on behalf of Borrower on or prior to the due date thereof. Beginning on the first Payment Date and on Together with each Payment Date thereaftersuch request, Borrower shall deliver to furnish Lender the amount with copies of bills and other documentation reasonably estimated required by Lender to be one-twelfth (1/12th) of the annual amount of (A) Impositions, which amount shall initially be $273,138.51, and (B) insurance premiums for policies required pursuant to this Agreement, which amount shall initially be $126,376.83 (provided, establish that Lender may re-calculate the foregoing monthly amounts from time to time to assure that funds are reserved in sufficient amounts to enable the payment of Impositions and insurance premiums thirty (30) days prior to their respective due dates) (collectively, the “such Tax and Insurance Monthly Installment”)payment is then due. 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 reasonable estimate based entitled to conclusively rely on one-twelfth (1/12th) of the aggregate Impositions and insurance premiums for the prior Fiscal Year all bills or payment periodother documentation received from Borrower, with adjustments reasonably determined by Lender. As soon as Impositions and insurance premiums are fixed for the then current Fiscal Year in each case without independent investigation 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 Installmentsverification. Lender shall make such payments of Impositions and insurance premiums out of the Tax and Insurance Reserve Sub-Account before the same shall be delinquent to the extent that there are funds available in the Tax and Insurance Reserve Sub-Account and Lender has received appropriate documentation to establish the amount(s) due and the due date(s) as and when provided above. (b) Except to the extent that Lender is obligated to pay Tax and Insurance from the Tax and Insurance Sub-Account pursuant to the terms of this Section 3.6, Borrower shall pay all Tax and Insurance with respect to itself and the Property in accordance with the terms hereof. Borrower’s obligation to pay (or enable Lender to pay) Tax and Insurance pursuant to this Agreement shall include, to the extent permitted by applicable law, Impositions resulting from future changes in law which impose upon Lender or any Deed of Trust Trustee an obligation to pay any property taxes or other Impositions or which otherwise adversely affect Lender’s or the Deed of Trust Trustee’s interests. In the event such a change in law prohibits Borrower from assuming liability for payment of any such Imposition, the outstanding Indebtedness shall, at the option of Lender, become due and payable on the date that is one hundred twenty (120) days after Lender provides notice to Borrower of such change in law and its election to accelerate the due date of the Loan; and failure to pay such amounts on the date due shall be an Event of Default. If an Event of Default has occurred and is continuing, the proceeds on deposit in the Tax and Insurance Sub-Account may be applied by Lender in any manner as Lender in its discretion may determine.

TAX AND INSURANCE. (a) On the date hereof, Borrower shall make an initial deposit of $632,147.61 with Lender the following sums: (i) $737,701.65 with respect to Impositions, and (ii) $153,112.04 with respect to insurance premiumsReal Estate Taxes. Such sums shall be held by Lender in the Tax and Insurance Reserve Account. Beginning on the first Payment Date and on each Payment Date thereafter, Borrower shall deliver to Lender the amount reasonably estimated by Lender to be one-twelfth (1/12th) of the annual amount of (AReal Estate Taxes and, subject to the provisions of Section 3.2(b) Impositionsbelow, which amount shall initially be $273,138.51, and (B) insurance premiums for policies required pursuant to this AgreementAgreement (collectively, which amount shall initially be $126,376.83 (provided, that the “Tax and Insurance Monthly Installment”). Lender may re-calculate the foregoing monthly amounts Tax and Insurance Monthly Installment from time to time to assure that funds are reserved in sufficient amounts to enable the payment of Impositions Real Estate Taxes and insurance premiums thirty (30) days prior to their respective due dates) (collectively, the “Tax and Insurance Monthly Installment”). 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 reasonable estimate based on one-twelfth (1/12th) of the aggregate Impositions Real Estate Taxes and insurance premiums for the prior Fiscal Year or payment period, with adjustments reasonably determined by Lender. If for any reason the sums on deposit are insufficient to enable the payment of Real Estate Taxes and insurance premiums thirty (30) days prior to their respective due dates, Borrower shall, within ten (10) days after demand by Lender, deposit the amount of the shortfall requested by Lender. As soon as Impositions Real Estate Taxes 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. Lender shall make payments of Impositions Real Estate Taxes 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. (b) Notwithstanding the provisions of Section 3.2(a) above, Lender agrees to conditionally waive the requirement that Borrower make deposits to the Tax and Insurance Reserve Account for amounts with respect to insurance premiums only on the condition that: (i) tenants that collectively occupy at least eighty percent (80%) of the rentable square footage of the Property are performing under their respective Leases without material default, (ii) the Debt Service Coverage Ratio is not less than 1.10 to 1.0 and (iii) no Event of Default shall exist. This conditional limited waiver is strictly conditioned upon the satisfaction of the foregoing requirements. If any one or more of the foregoing conditions are not satisfied, Lender may, at Lender’s sole discretion, terminate this conditional limited waiver and reinstate the escrow requirements. The waiver in this Section 3.2(b) is “personal” to Borrower and shall not apply to any successor or assignee of Borrower’s interest in the Property. If the Debt Service Coverage Ratio subsequently exceeds 1.15 to 1.0 for two (2) consecutive quarters and no Event of Default exists, Lender shall reinstate the foregoing waiver of deposits to the Tax and Insurance Reserve Account (unless and until the Debt Service Coverage Ratio is less than 1.10 to 1.0 or an Event of Default exists).

TAX AND INSURANCE. On the date hereof, Borrower shall deposit with Lender the following sums: (i) $737,701.65 193,742.64 with respect to Impositions, and (ii) $153,112.04 with respect to insurance premiums. Such sums sum shall be held by Lender in the Tax and Insurance Reserve Account. Beginning on the first Payment Date and on each Payment Date thereafter, Borrower shall deliver to Lender the amount reasonably estimated by Lender to be one-twelfth (1/12th) of the annual amount of (A) Impositions, which amount shall initially be $273,138.5138,748.48, and (B) insurance premiums for policies required pursuant to this Agreement, which amount shall initially be $126,376.83 3,707 (provided, that Lender may re-calculate the foregoing monthly amounts from time to time to assure that funds are reserved in sufficient amounts to enable the payment of Impositions and insurance premiums thirty (30) days prior to their respective due dates) (collectively, the “Tax and Insurance Monthly Installment”). 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 reasonable estimate based on one-twelfth (1/12th) of the aggregate Impositions and insurance premiums for the prior Fiscal Year or payment period, with adjustments reasonably determined by Lender. As soon as 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. Lender shall make payments of 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.

TAX AND INSURANCE. On the date hereof, Borrower shall deposit with Lender the following sums: (i) $737,701.65 867,326.83 with respect to Impositions, and (ii) $153,112.04 557,353.00 with respect to insurance premiums. Such sums shall be held by Lender in the Tax and Insurance Reserve Account. Beginning on the first Payment Date and on each Payment Date thereafter, Borrower shall deliver to Lender the amount reasonably estimated by Lender to be one-twelfth (1/12th) of the annual amount of (A) Impositions, which amount shall initially be $273,138.51123,903.83, and (B) insurance premiums for policies required pursuant to this Agreement, which amount shall initially be $126,376.83 46,446.08 (provided, that Lender may re-calculate the foregoing monthly amounts from time to time to assure that funds are reserved in sufficient amounts to enable the payment of Impositions and insurance premiums thirty (30) days prior to their respective due dates) (collectively, the “Tax and Insurance Monthly Installment”). 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 reasonable estimate based on one-twelfth (1/12th) of the aggregate Impositions and insurance premiums for the prior Fiscal Year or payment period, with adjustments reasonably determined by Lender. As soon as 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. Lender shall make payments of 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.

TAX AND INSURANCE. On the date hereof, Borrower shall deposit with Lender the following sums: (i) $737,701.65 with respect to Impositions, and (ii) $153,112.04 with respect to insurance premiums. Such sums shall be held by Lender in the Tax and Insurance Reserve Account. Beginning on the first Payment Date occurring after Construction Completion and on each Payment Date thereafter, Borrower shall deliver to Lender the amount reasonably estimated by Lender to be one-twelfth (1/12th) of the annual amount of (A) Impositions, which amount shall initially be $273,138.51, and (B) insurance premiums for policies required pursuant to this Agreement, which amount shall initially be $126,376.83 (provided, that Lender may re-calculate the foregoing monthly amounts from time to time to assure that funds are reserved in sufficient amounts to enable the payment of Impositions and insurance premiums thirty (30) days prior to their respective due dates) (collectively, the “Tax and Insurance Monthly Installment”). 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 reasonable estimate based on one-twelfth (1/12th) of the aggregate Impositions and insurance premiums for the prior Fiscal Year or payment period, with adjustments reasonably determined by Lender. As soon as 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. Lender shall make payments of 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.

TAX AND INSURANCE. On (a) Subject to Section 3.2(b), on the date hereof, Borrower shall make an initial deposit with Lender the following sums: (i) $737,701.65 with respect to Impositions, Impositions and (ii) $153,112.04 with respect to insurance premiums. Such sums shall be held by Lender in the Tax and Insurance Reserve Account. Beginning on the first Payment Date and on each Payment Date thereafter, Borrower shall deliver to Lender the amount reasonably estimated by Lender to be one-twelfth (1/12th) of the annual amount of (A) Impositions, which amount shall initially be $273,138.51, Impositions and (B) insurance premiums for policies required pursuant to this AgreementAgreement (collectively, which amount shall initially be $126,376.83 (provided, that the “Tax and Insurance Monthly Installment”). Lender may re-calculate the foregoing monthly amounts Tax and Insurance Monthly Installment from time to time to assure that funds are reserved in sufficient amounts to enable the payment of Impositions and insurance premiums thirty (30) days prior to their respective due dates) (collectively, the “Tax and Insurance Monthly Installment”). 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 reasonable estimate based on one-twelfth (1/12th) of the aggregate Impositions and insurance premiums for the prior Fiscal Year or payment period, with adjustments reasonably determined by Lender. If for any reason the sums on deposit are insufficient to enable the payment of Impositions and insurance premiums thirty (30) days prior to their respective due dates, Borrower shall, within ten (10) days after demand by Lender, deposit the amount of the shortfall requested by Lender. As soon as 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. Lender shall make payments of 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. (b) Notwithstanding the provisions of Section 3.2(a) above, Lender agrees to conditionally waive the requirement that Borrower make deposits to the Tax and Insurance Reserve Account on the condition that: (i) Borrower has timely made all payments of required for Impositions and insurance premiums and provides written evidence of the same to Lender and (ii) no Event of Default shall exist. This conditional limited waiver is strictly conditioned upon Borrower’s compliance with the foregoing requirements. If any one or more the foregoing conditions are not satisfied, Lender may, at Lender’s sole discretion, terminate this conditional limited waiver and reinstate the escrow requirements.]