Common use of Tax Escrow Clause in Contracts

Tax Escrow. If directed by Bank in writing, Mortgagor shall, in order to secure the performance and discharge of Mortgagor’s obligations under this Section 1.4, but not in lieu of such obligations, deposit with Bank on the first day of each calendar month throughout the term of the Loan, deposits, in amounts set by Bank from time to time by written notice to Mortgagor, in order to accumulate funds sufficient to permit Bank to pay all annual ad valorem taxes, assessments and charges of the nature described in Section 1.4.1 at least thirty (30) days prior to the date or dates on which they shall become delinquent. The taxes, assessments and charges for purposes of this Section 1.4.3 shall, if Bank so elects, include, without limitation, water and sewer rents. Mortgagor shall procure and deliver to Bank when issued all statements or bills for such obligations. Upon demand by Bank, Mortgagor shall deliver to Bank such additional monies as are required to satisfy any deficiencies in the amounts necessary to enable Bank to pay such taxes, assessments and similar charges thirty (30) days prior to the date they become delinquent. Bank shall pay such taxes, assessments and other charges as they become due to the extent of the funds on deposit with Bank from time to time and provided Mortgagor has delivered to Bank the statements or bills therefor. In making any such payments, Bank shall be entitled to rely on any xxxx issued in respect of any such taxes, assessments or charges without inquiry into the validity, propriety or amount thereof and whether delivered to Bank by Mortgagor or otherwise obtained by Bank. Any deposits received pursuant to this Section 1.4.3 shall not be, nor be deemed to be, trust funds, but may be commingled with the general funds of Bank and Bank shall have no obligation to pay interest on amounts deposited with Bank pursuant to this Section 1.4.3. If any Event of Default occurs, any part or all of the amounts then on deposit or thereafter deposited with Bank under this Section 1.4.3 may at Bank’s option be applied to payment of Borrower’s Liabilities in such order as Bank may determine.

Tax Escrow. If directed by Bank Lender in writing, Mortgagor shall, in order to secure the performance and discharge of Mortgagor’s obligations under this Section 1.4, but not in lieu of such obligations, deposit with Bank Lender on the first day of each calendar month throughout the term of the Loan, deposits, in amounts set by Bank Lender from time to time by written notice to Mortgagor, in order to accumulate funds sufficient to permit Bank Lender to pay all annual ad valorem taxes, assessments and charges of the nature described in Section 1.4.1 at least thirty (30) days prior to the date or dates on which they shall become delinquent. Mortgagor hereby pledges to Lender, and grants to Lender a security interest in, any and all such deposits as security for the Loan. The taxes, assessments and charges for purposes of this Section 1.4.3 shall, if Bank Lender so elects, include, without limitation, water and sewer rents. Mortgagor shall procure and deliver to Bank Lender when issued all statements or bills for such obligations. Upon demand by BankLender, Mortgagor shall deliver to Bank Lender such additional monies as are required to satisfy any deficiencies in the amounts necessary to enable Bank Lender to pay such taxes, assessments and similar charges thirty (30) days prior to the date they become delinquent. Bank Lender shall pay such taxes, assessments and other charges as they become due to the extent of the funds on deposit with Bank Lender from time to time and provided Mortgagor has delivered to Bank Lender the statements or bills therefor. In making any such payments, Bank Lender shall be entitled to rely on any xxxx issued in respect of any such taxes, assessments or charges without inquiry into the validity, propriety or amount thereof and whether delivered to Bank Lender by Mortgagor or otherwise obtained by BankLender. Any deposits received pursuant to this Section 1.4.3 shall not be, nor be deemed to be, trust funds, but may be commingled with the general funds of Bank Lender and Bank Lender shall have no obligation to pay interest on amounts deposited with Bank Lender pursuant to this Section 1.4.3. If any Event of Default occurs, any part or all of the amounts then on deposit or thereafter deposited with Bank Lender under this Section 1.4.3 may at BankLender’s option be applied to payment of BorrowerMortgagor’s Liabilities in such order as Bank Lender may determine.

Tax Escrow. If directed by Bank in writing, Mortgagor shall, in In order to secure the performance and discharge of Mortgagor’s 's obligations under this Section 1.4paragraph 1.04, but not in lieu of such obligations, deposit with Bank on the first day of each calendar month throughout the term Mortgagor, upon Lender's request, will pay over to Lender an amount equal to one-twelfth (1/12th) of the Loan, deposits, in amounts set by Bank from time to time by written notice to Mortgagor, in order to accumulate funds sufficient to permit Bank to pay all next maturing annual ad valorem taxes, assessments and charges (which taxes, assessments and charges, for purposes of this paragraph, shall include without limitation water and sewer rents, and shall hereinafter be collectively called "Taxes") of the nature described in Section 1.4.1 at least thirty paragraph 1.04 for each month that has elapsed since the last date to which the Taxes were paid; and Mortgagor will, in addition, during the continuance of an Event of Default and upon Lender's request, pay over to Lender together with each installment of the Obligations sufficient funds (30as estimated from time to time by Lender in its sole discretion) days prior to permit Lender to pay when due the date or dates on which they shall become delinquentTaxes. The taxes, assessments During the continuance of an Event of Default and charges for purposes of this Section 1.4.3 shall, if Bank so elects, include, without limitation, water and sewer rents. Mortgagor shall procure and deliver to Bank when issued all statements or bills for such obligations. Upon demand by Bankupon Lender's request, Mortgagor shall also deliver to Bank Lender such additional monies as are required to satisfy make up any deficiencies in the amounts necessary to enable Bank Lender to pay such taxes, assessments and similar charges thirty (30) days prior to the date they become delinquentTaxes. Bank shall pay such taxes, assessments and other charges as they become due to the extent of the funds on deposit with Bank from time to time and provided Mortgagor has delivered to Bank the statements or bills therefor. In making any such payments, Bank shall be entitled to rely on any xxxx issued in respect of any such taxes, assessments or charges without inquiry into the validity, propriety or amount thereof and whether delivered to Bank by Mortgagor or otherwise obtained by Bank. Any Such deposits received pursuant to this Section 1.4.3 shall not be, nor be deemed to be, trust funds, funds but may be commingled with the general funds of Bank Lender, and Bank no interest shall have no obligation be payable in respect thereof. Lender may apply to pay interest on amounts deposited with Bank pursuant to this Section 1.4.3. If any Event the reduction of Default occursthe Obligations secured hereby (without prepayment penalty), in such manner as Lender shall determine, any part or all of the amounts then on deposit or thereafter deposited with Bank amount under this Section 1.4.3 may at Bank’s option be applied paragraph 1.04.4 remaining to payment of Borrower’s Liabilities in such order as Bank may determineMortgagor's credit.

Tax Escrow. If directed by Bank Notwithstanding anything to the contrary contained in writingthis Article 3, Mortgagor if a Fee Mortgagee requires monthly escrow payments for Impositions, Lessee shall, in order to secure the performance and discharge of Mortgagorupon Lessor’s obligations under this Section 1.4, but not in lieu of such obligationsrequest, deposit with Bank on the first Lessor (or any Fee Mortgagee designated by Lessor in writing) 1/12th of the annual Impositions as estimated by Lessor(or any such Fee Mortgagee). On the 1st day of each and every calendar month throughout thereafter during the term Term of this Lease, Lessee shall deposit with the Lessor (or any Fee Mortgagee designated by Lessor in writing), to be held by the Lessor (or such Fee Mortgagee), a sum equal to 1/12th of the Loanannual Impositions for each then current or ensuing year. In the event that the amount of the Impositions shall not have been fixed at the time when any such monthly deposit is required to be made, depositsLessee shall make such deposit based upon the amount of the Imposition for the immediately preceding year, in amounts set subject to adjustment as and when the amount of such Impositions is ascertained. Lessee shall provide Lessor with copies of tax bills within five (5) days after receipt thereof by Bank from time Lessee. All sums deposited with the Lessor (or Fee Mortgagee) pursuant to time by written notice this Section shall be applied to Mortgagor, in order to accumulate funds the payment of Impositions. No interest shall accrue on the sums so deposited. In the event the sums deposited hereunder are not sufficient to permit Bank to pay all annual ad valorem taxesthe Impositions when due, assessments and charges then Lessee shall, within ten (10) days of notice of the nature described in Section 1.4.1 at least thirty insufficiency, deposit with the Lessor (30or Fee Mortgagee, as applicable) days prior to the date or dates on which they any such deficiency and shall become delinquent. The taxes, assessments and charges for purposes of this Section 1.4.3 shall, if Bank so elects, include, without limitation, water and sewer rents. Mortgagor shall procure and deliver to Bank when issued all statements or bills for such obligations. Upon demand by Bank, Mortgagor shall deliver to Bank also deposit such additional monies sums as shall be necessary to ensure that the amounts deposited hereunder plus such deposits as are required to satisfy any deficiencies be made in the amounts necessary to enable Bank future hereunder are sufficient to pay such taxes, assessments all Impositions then due or which will become due. In the event of a conveyance by Lessor of its interest in and similar charges thirty (30) days prior to the date they become delinquent. Bank shall pay such taxesDemised Premises, assessments and other charges as they become due to the extent of the funds on deposit with Bank from time to time and provided Mortgagor has delivered to Bank the statements or bills therefor. In making any such payments, Bank shall be entitled to rely on any xxxx issued in respect of any such taxes, assessments or charges without inquiry into the validity, propriety or amount thereof and whether delivered to Bank by Mortgagor or otherwise obtained by Bank. Any deposits received pursuant to this Section 1.4.3 shall not be, nor be deemed to be, trust funds, but may be commingled with the general funds of Bank and Bank Lessor shall have no obligation further liability with respect to pay interest on amounts deposited with Bank pursuant the deposits for Impositions upon delivery thereof by Lessor to this Section 1.4.3. If any Event of Default occursthe transferee, any part or all provided that the transferee of the amounts then on deposit or thereafter deposited with Bank under this Section 1.4.3 may at BankLessor assumes the Lessor’s option be applied to payment of Borrower’s Liabilities in such order as Bank may determineliability hereunder.