Common use of Tax Escrow Clause in Contracts

Tax Escrow. Upon occurrence and continuance of any Event of Default, or if Mortgagor fails to provide Mortgagee with proof of payment within thirty (30) days after the due date of any such taxes, Mortgagor shall pay to the Mortgagee, together with, and in addition to, the monthly installments of interest provided in the Note, on the date provided for the first payment of interest in the Note and on the first day of each month thereafter until the Note has been fully paid, a sum equal to one-twelfth (1/12) of the yearly real property taxes assessed against the Mortgaged Property as estimated by the Mortgagee (in the exercise of its reasonable discretion). The Mortgagee shall hold said sums in a non-interest-bearing account, in trust, to pay said taxes in the manner and to the extent permitted by law when the same become due and payable in each year. If the total payments made by the Mortgagor to the Mortgagee on account of said taxes up to the time when the same become due and payable, shall exceed the amount of payment for said taxes actually made by the Mortgagee, such excess shall be credited by the Mortgagee on the next subsequent payment or payments to become due from the Mortgagor to the Mortgagee on account of said taxes. If, however, said payments shall not be sufficient to pay said taxes when the same become due and payable, then the Mortgagor agrees to pay to the Mortgagee the amount necessary to make up the deficiency upon demand by the Mortgagee. At any time after the occurrence and during the continuance of any Event of Default (as hereinafter defined), the Mortgagee may, at its option, apply the balance remaining of the sums so accumulated as a credit against the principal or accrued and unpaid interest of the Note, or both.

Tax Escrow. Upon After the occurrence and continuance of any an Event of Default, or if the Mortgagor fails shall, upon request therefor by the Mortgagee, which request may be withdrawn and remade from time to provide Mortgagee with proof time at the discretion of payment within thirty (30) days after the due date of any such taxesMortgagee, Mortgagor shall pay to the Mortgagee, together with, and in addition to, the Mortgagee on a monthly installments of interest provided in the Note, on the date provided for the first payment of interest in the Note and on the first day of each month thereafter until the Note has been fully paid, basis as hereafter set forth a sum equal to one-twelfth (1/12) of the yearly municipal and other governmental real estate taxes, personal property taxes assessed against taxes, other assessments next due on the Mortgaged Property and all premiums next due for fire and other casualty insurance required of the Mortgagor hereunder, less all sums already paid therefor, divided by the number of months to lapse not less than one (1) month prior to the date when said taxes and assessments will become delinquent and when such premiums will become due. Such sums as estimated by the Mortgagee (in shall be paid with monthly payments of interest due pursuant to the exercise terms of its reasonable discretion). The the Notes and such sums shall be held by the Mortgagee shall hold said sums in a non-interest-bearing account, in trust, to pay said taxes in the manner taxes, assessments and to the extent permitted by law when premiums before the same become due and payable in each yeardelinquent. If the total payments made by the The Mortgagor to agrees that should there be insufficient funds so deposited with the Mortgagee on account of said taxes up to the time when the same become due and payable, shall exceed the amount of payment for said taxes actually made by the Mortgageetaxes, such excess shall be credited assessments and premiums when due, it will upon demand by the Mortgagee on the next subsequent payment or payments to become due from the Mortgagor to the Mortgagee on account of said taxes. If, however, said payments shall not be sufficient to pay said taxes when the same become due and payable, then the Mortgagor agrees to promptly pay to the Mortgagee the amount amounts necessary to make up such payments in full; any surplus funds may be applied toward the deficiency upon demand payment of the indebtedness secured by the MortgageeMortgage or credited toward future such taxes, assessments and premiums. At any time after If the occurrence and during the continuance of any Event of Default (as hereinafter defined)Mortgagee shall have commenced foreclosure proceedings, the Mortgagee may, at its option, may apply such funds toward the balance remaining payment of the Mortgage indebtedness without causing thereby a waiver of any rights, statutory or otherwise, and specifically such application shall not constitute a waiver of the right of foreclosure hereunder. The Mortgagor hereby assigns to the Mortgagee all the foregoing sums so accumulated as a credit against the principal or accrued and unpaid interest of the Note, or both.held hereunder for such purposes;

Tax Escrow. Upon occurrence and continuance In the event of any Event delinquency by Mortgagor in the payment of Defaultany Taxes or installments thereof due on the Premises, or if Mortgagor fails and failure to provide Mortgagee with proof of payment within thirty pay in full and cure said delinquency upon five (305) days after notice thereof from Bank to Mortgagor, then in order to more fully protect the due date security of the Mortgage, the Bank, in addition to and without prejudice to its continuing right to demand immediate payment of any such taxessaid delinquencies, may at its option require Mortgagor shall pay to deposit with the Mortgagee, together with, Mortgagee concurrently with payments of interest and principal and in addition to, the thereto on each monthly installments of interest provided in the Note, on due date as set forth above after the date provided for the first payment of interest in the hereof until this Note and on the first day of each month thereafter until the Note has been is fully paid, a sum equal to one-twelfth the Taxes due on the premises (1/12) of the yearly real property taxes assessed against the Mortgaged Property all as estimated annually by the Mortgagee) less all sums already deposited therefor divided by the number of months to elapse before one month prior to the date when such Taxes will become due, such sums to be held by the Mortgagee (in the exercise of its reasonable discretion). The Mortgagee shall hold said sums in a non-interest-bearing account, in trust, to pay said taxes items. All payments calculated as aforesaid in the manner preceding portion of this paragraph and all payments of principal and interest shall be added together and the aggregate amount thereof shall be paid by the Mortgagor each month in a single payment to the extent permitted by law when the same become due and payable in each year. If the total payments made be applied by the Mortgagor to the Mortgagee on account following items in the order set forth: (a) Taxes, (b) late payment charges, (c) interest; (d) principal. Any deficiency in the amount of said taxes up such aggregate monthly payment shall, unless paid prior to the time when due date of the same next such payment, constitute a default under this mortgage, whereupon at the option of the Mortgagee the whole of the principal sum and any other sums of money secured by this Mortgage shall forthwith or thereafter become due and payable, . Any excess funds accumulated under the provisions of this paragraph after the payment of the items herein mentioned shall be credited to subsequent monthly payments of the same nature required hereunder; but if any such item shall exceed the amount of payment for said taxes actually made by the Mortgageeestimate therefor, such excess shall be credited by the Mortgagee on the next subsequent payment or payments to become due from the Mortgagor to shall without demand forthwith pay the Mortgagee on account of said taxes. If, however, said payments shall not be sufficient to pay said taxes when the same become due and payable, then the Mortgagor agrees to pay to the Mortgagee the amount necessary to make up the deficiency upon demand by the Mortgagee. At any time after the occurrence and during the continuance of any Event of Default (as hereinafter defined), the Mortgagee may, at its option, apply the balance remaining of the sums so accumulated as a credit against the principal or accrued and unpaid interest of the Note, or bothdeficiency.

Tax Escrow. Upon request by the Mortgagee after the occurrence and continuance of any an Event of Default, or if Mortgagor fails to provide Mortgagee with proof of payment within thirty (30) days after the due date of any such taxes, Mortgagor shall pay to the Mortgagee, together with, and in addition to, the on each day monthly installments of principal and/or interest provided in are payable under the Note, on the date provided for the first payment of interest in the Note and on the first day of each month thereafter until the Note has been fully paidis paid in full, a sum equal to one-twelfth (1/121/12th) of the yearly real property annual taxes assessed against and assessments payable with respect to the Mortgaged Property Property, all as estimated initially and from time to time determined by the Mortgagee, to be applied by the Mortgagee to pay said taxes and assessments (in such amounts being hereinafter referred to as the exercise of its reasonable discretion“Funds”). The Mortgagee shall hold said sums in a non-interest-bearing account, in trust, apply the Funds to pay said taxes in the manner and assessments prior to the extent permitted by law when date that penalty attaches for non-payment. The Funds are hereby pledged as additional security for the same become due and payable in each yearIndebtedness Secured Hereby. No interest shall accrue on the Funds. If the total payments made amount of the Funds held by the Mortgagor to Mortgagee shall exceed at any time the amount deemed necessary by the Mortgagee on account to provide for the payment of said taxes up to and assessments, such excess shall, at the time when the same become due and payable, shall exceed the amount option of payment for said taxes actually made by the Mortgagee, such excess shall either be promptly repaid to the Mortgagor or be credited to the Mortgagor on the next monthly installment of Funds due. If at any time the Funds are less than the amount deemed necessary by the Mortgagee on the next subsequent payment or payments to become due from pay taxes and assessments as they fall due, the Mortgagor to the Mortgagee on account of said taxes. If, however, said payments shall not be sufficient to pay said taxes when the same become due and payable, then the Mortgagor agrees to promptly pay to the Mortgagee the any amount necessary to make up the deficiency upon demand by written notice from the MortgageeMortgagee to the Mortgagor requesting payment thereof. At any time after Upon the occurrence and during the continuance of any an Event of Default (as hereinafter defined)under the Loan Agreement, the Mortgagee maymay apply in any order as the Mortgagee shall determine in its sole discretion, any Funds held by the Mortgagee at its option, apply the balance remaining time of the sums so accumulated application to pay taxes and assessments which are then or will thereafter become due or as a credit against the principal or accrued and unpaid interest Indebtedness Secured Hereby. Upon payment in full of all Indebtedness Secured Hereby, the Note, or bothMortgagee shall promptly refund to the Mortgagor any Funds held by the Mortgagee.

Tax Escrow. Upon occurrence and continuance Notwithstanding any provision of any Event of Defaultthis Lease to the contrary, or if Mortgagor fails to provide Mortgagee with proof of payment within thirty upon request by Landlord, Tenant shall: (30i) days after the due date of any such taxes, Mortgagor shall pay to Landlord (and/or cause the MortgageeOperating Subtenants to pay to Landlord) or, together withif directed by Landlord, and in addition to, the monthly installments of interest provided in the Note, Mortgagee on the date provided for the first payment of interest in the Note Commencement Date and on the first day of each month thereafter until thirty (30) days prior to the Note has been fully date when the next installment of all Real Estate Taxes is due to the authority or other Person to whom the same is paid, a sum an amount equal to one-twelfth said next installment of Real Estate Taxes divided by the number of months over which such payments are to be made; and (1/12ii) thereafter during the Term pay (and/or cause the Operating Subtenants to pay) to Landlord or Mortgagee an amount each month estimated by Landlord or Mortgagee to be adequate to create a fund (“Imposition Reserve Fund”) which, as each succeeding installment of Real Estate Taxes becomes due, will be sufficient, thirty (30) days prior to such due date, to pay such installment in full based on the yearly real property taxes assessed against then outstanding tax bills, as increased by the Mortgaged Property amount of any reasonably foreseen increases as estimated by Landlord to be adequate, or as otherwise required by any Mortgagee. All such payments shall be deemed to be Supplementary Rent and Rent hereunder. Landlord or Mortgagee shall use reasonable efforts to cause the Mortgagee (monthly payments to be equal in amount, but neither of them shall be liable in the exercise event that such required payments are unequal. If at any time the amount of its reasonable discretion)Real Estate Taxes is increased or Landlord or Mortgagee believes that it will be, said monthly payments shall be increased within five (5) Business Days after written demand by Landlord or Mortgagee so that, thirty (30) days prior to the due date for each installment of Real Estate Taxes, there will be payments on hand with Landlord or Mortgagee sufficient to pay such installments in full. The Landlord or Mortgagee shall hold said sums apply the full amount of the Imposition Reserve Fund as necessary to payments of Real Estate Taxes required to be made by Tenant pursuant to this Article. In making any payment relating to the Imposition Reserve Fund, Landlord or Mortgagee may do so according to any xxxx, statement or estimate procured from the applicable Governmental Authority or provided by Tenant without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any Real Estate Taxes. Landlord or Mortgagee shall not be required to pay any such amounts in a non-interest-an interest bearing account, in trust, . For the purpose of determining whether Landlord or Mortgagee has on hand sufficient moneys to pay said taxes in any particular Real Estate Taxes at least thirty (30) days prior to the manner due date therefor, payments for each category of Real Estate Taxes shall be treated separately, it being the intention that Landlord shall not be obligated to use moneys paid for the payment of an item not yet due and payable to the payment of an item that is due and payable. Notwithstanding the foregoing, it is understood and agreed that (a) to the extent permitted by law when Applicable Law, payments provided for hereunder may be held by Landlord or its Affiliate or Mortgagee in a single bank account and commingled with other funds of Landlord or Mortgagee, and (b) Landlord or Mortgagee, may, if Tenant fails to make or cause Operating Subtenants to make any payments required hereunder, after written notice to Tenant designating the intended use for such payment, use payments made for any one item for the payment of the same become due and payable in each yearor any other item of Rent. If the total payments made by the Mortgagor to the Mortgagee on account of said taxes up to the time when the same become due and payable, shall exceed the amount of payment for said taxes actually made by the Mortgagee, such excess this Lease shall be credited terminated by the Mortgagee on the next subsequent payment or payments to become due from the Mortgagor to the Mortgagee on account of said taxes. If, however, said payments shall not be sufficient to pay said taxes when the same become due and payable, then the Mortgagor agrees to pay to the Mortgagee the amount necessary to make up the deficiency upon demand by the Mortgagee. At any time after the occurrence and during the continuance reason of any Event of Default (as hereinafter defined)Default, all payments then held by Landlord shall be applied by Landlord on account of any and all sums due under this Lease; if there is a resulting deficiency, Tenant shall pay the Mortgagee maysame, at its optionand if there is a surplus, apply the balance remaining Tenant shall be entitled to a refund of the sums so accumulated surplus once all taxes attributable to any period prior to termination have been paid. Tenant acknowledges and agrees that no deficiency or lack of funds in the Imposition Reserve Fund, including without limitation a deficiency or lack of funds resulting from the failure of an Operating Subtenant to make a payment that Tenant has directed the Operating Subtenant to make, shall relieve Tenant of its obligation to pay all Real Estate Taxes as a credit against the principal or accrued and unpaid interest of the Note, or bothrequired under this Lease.

Tax Escrow. Upon occurrence and continuance In order to more fully protect the security of any Event of Defaultthis Mortgage, or if Mortgagor fails to provide Mortgagee with proof of payment within thirty (30) days after the due date of any such taxes, Mortgagor shall pay to deposit with the Mortgagee, together with, Mortgagee concurrently with payments of interest and principal and in addition to, the thereto on each monthly installments of interest provided in the Note, on due date as set forth above after the date provided for the first payment of interest in the hereof until this Note and on the first day of each month thereafter until the Note has been is fully paid, a sum equal to one-twelfth the Taxes due on the premises (1/12) of the yearly real property taxes assessed against the Mortgaged Property all as estimated annually by the Mortgagee) less all sums already deposited therefor divided by the number of months to elapse before one month prior to the date when such Taxes will become due, such sums to be held by the Mortgagee (in the exercise of its reasonable discretion). The Mortgagee shall hold said sums in a non-interest-bearing account, in trust, to pay said taxes items, without payment of interest to Mortgagor on such sums held by Bank. All payments calculated as aforesaid in the manner preceding portion of this paragraph and all payments of principal and interest shall be added together and the aggregate amount thereof shall be paid by the Mortgagor each month in a single payment to the extent permitted by law when the same become due and payable in each year. If the total payments made be applied by the Mortgagor to the Mortgagee on account following items in the order set forth: (a) Taxes, (b) late payment charges, (c) interest; (d) principal. Any deficiency in the amount of said taxes up such aggregate monthly payment shall, unless paid prior to the time when due date of the same next such payment, constitute a default under this mortgage, whereupon at the option of the Mortgagee the whole of the principal sum and any other sums of money secured by this Mortgage shall forthwith or thereafter become due and payable. PLACE OF PAYMENT All payments of principal and interest required to be made hereunder, and all other sums due hereunder, shall exceed the amount of payment for said taxes actually made by the Mortgageebe payable to Mortgagee at 00 Xxxxx Xxxxxx, Xxxxxxxxx, Xxx Xxxx 00000 or at such excess shall be credited by the other office or place as Mortgagee on the next subsequent payment or payments to become due from the Mortgagor to the Mortgagee on account of said taxes. If, however, said payments shall not be sufficient to pay said taxes when the same become due and payable, then the Mortgagor agrees to pay to the Mortgagee the amount necessary to make up the deficiency upon demand by the Mortgagee. At any time after the occurrence and during the continuance of any Event of Default (as hereinafter defined), the Mortgagee may, at its option, apply the balance remaining of the sums so accumulated as a credit against the principal or accrued and unpaid interest of the Note, or bothmay designate in writing.

Tax Escrow. Upon occurrence and continuance of any Event of Defaulta Default by Borrower hereunder, or if Mortgagor fails to provide Mortgagee Borrower shall, simultaneously with proof of payment within thirty (30) days after the due date of any such taxes, Mortgagor shall pay to the Mortgagee, together with, and in addition to, the Borrower's monthly installments payments of interest provided in the Noteto Lender, on the date provided for the first payment of interest in the Note and on the first day of each month thereafter until the Note has been fully paid, a sum equal to deposit monthly with Lender one-twelfth (1/121/12th) of one hundred ten percent (110%) of the yearly annual real property estate taxes assessed levied against the Mortgaged Property as reasonably estimated by Lender from time to time in such manner as Lender may prescribe so as to provide for the Mortgagee (in current year's real estate tax obligation. If the exercise of its reasonable discretion). The Mortgagee shall hold said sums in a non-interest-bearing account, in trust, amount estimated to pay said taxes is not sufficient, Borrower shall pay the difference within five (5) days following Lender's demand therefor. Should Borrower fail to deposit sufficient amounts with Lender to pay such obligations, Lender may, but shall not be obligated to, advance monies necessary to make up any deficiency in order to pay such obligations. Any monies so advanced by Lender shall become so much additional indebtedness secured hereby and shall become immediately due and payable with interest due thereon at the manner Default Interest Rate. Lender is not obligated to inquire into the validity or accuracy of the real estate tax obligations before making payments of the same and nothing herein contained shall be construed as requiring Lender to advance other monies for said purpose nor shall Lender incur any personal liability for anything it may do or omit to do hereunder. It is agreed that all such payments made, at the option of Lender, shall be (a) held in trust by it without earnings for the payment of the real estate tax obligations; (b) carried in a tax account for the benefit of Borrower and withdrawn by Lender to pay the real estate tax obligations; or (c) returned to Borrower and Ground Lessee, to the extent permitted no longer needed by law when the same become due and payable in each year. If the total payments made by the Mortgagor to the Mortgagee on account of said taxes up to the time when the same become due and payableLender for this escrow purpose, shall exceed the amount of payment for said taxes actually made by the Mortgagee, such excess shall be credited by the Mortgagee on the next subsequent payment or payments to become due from the Mortgagor to the Mortgagee on account of said taxes. If, however, said payments shall not be provided that Lender advances upon this obligation sums sufficient to pay said taxes when items as the same accrue and become due and payable, then the Mortgagor agrees to pay to the Mortgagee the amount necessary to make up the deficiency upon demand by the Mortgagee. At any time after the occurrence and during the continuance of any Event of Default (as hereinafter defined)If such items are held in trust or carried in a tax account for Borrower, the Mortgagee maysame are hereby pledged together with any other account of Borrower or Guarantor, at its optionheld by Lender to further secure the indebtedness secured hereby, and any officer of Lender is authorized to withdraw the same and apply the balance remaining of the said sums so accumulated as a credit against the principal or accrued and unpaid interest of the Note, or bothaforesaid.