Common use of Tax Impound Clause in Contracts

Tax Impound. Borrower shall deposit with Lender the following amounts (collectively, “Tax Impound”): $134,748.00 on the Disbursement Date, and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Lender in its reasonable discretion to be sufficient to pay the real estate taxes and assessments payable by Borrower with respect to the Property (collectively, “Taxes”) at least thirty (30) days prior to each date on which Taxes become delinquent (“Delinquency Date”). The initial estimated monthly amount to be deposited by Borrower for Taxes on each Due Date is $40,374.00. If Lender reasonably determines at any time that the Tax Impound will not be sufficient to pay any Taxes at least thirty (30) days prior to the Delinquency Date, Lender shall notify Borrower of such determination in writing and Borrower shall deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Delinquency Date, Borrower shall deposit the amount of such deficiency with Lender not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the Business Day immediately preceding the Delinquency Date. So long as no Default exists, Lender shall apply the Tax Impound to the payment of the Taxes. Deposits into the Tax Impound shall be waived, provided no Default is continuing, with respect to any Taxes which a tenant is required to pay directly to the taxing authority pursuant to the terms of its Lease, provided (i) Borrower delivers, or causes to be delivered to Lender, evidence of the timely payment of such Taxes, (ii) such tenant has exercised all applicable renewal terms under its Lease within the time such renewals are required to be exercised and (iii) such tenant is not in material default of its obligations under its Lease beyond all applicable notice and cure periods.

Tax Impound. Following the occurrence of a Default, or at any time during the existence of a Cash Trap Event Period, at Administrative Agent’s option and election, Borrower shall deposit with Lender into the following amounts Tax Impound Account (collectively, “Tax Impound”): $134,748.00 on the Disbursement Date), and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Lender Administrative Agent, in its reasonable discretion discretion, to be sufficient to pay the real estate taxes taxes, assessments and assessments other similar ad valorem liabilities payable by Borrower under the Loan Documents with respect to the Property (collectively, “TaxesImpositions”) at least thirty (30) days prior to each date on which Taxes Impositions become delinquent (“Delinquency Date”). The Administrative Agent shall provide Borrower with the initial estimated monthly amount to be deposited by Borrower for Taxes Impositions on each Due Date, and Borrower shall thereafter deposit such amount with Administrative Agent on each Due Date is $40,374.00in addition to all other amounts owed to Administrative Agent and Lenders on the Due Date. If Lender reasonably Administrative Agent determines in good faith at any time that the Tax Impound will not be sufficient to pay any Taxes Impositions at least thirty (30) days prior to the Delinquency Date, Lender Administrative Agent shall notify Borrower of such determination in writing and Borrower shall deposit with Lender Administrative Agent the amount of such deficiency not more than ten (10) days Business Days after Borrower’s receipt of such notice, and shall thereafter deposit with Administrative Agent on each Due Date the increased amount as determined in good faith by Administrative Agent necessary to pay the Impositions at least thirty (30) days prior to the Delinquency Date; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Delinquency Date, Borrower shall deposit the amount of such deficiency with Lender Administrative Agent not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the Business Day immediately preceding the Delinquency Date. So long as no Default exists, Lender shall apply Administrative Agent shall, upon the request of Borrower, disburse to Borrower the Tax Impound to funds for the payment of the Taxes. Deposits into Impositions which amount shall not exceed the Tax Impound shall be waived, provided no Default is continuing, with respect to any Taxes which a tenant is required to pay directly to the taxing authority pursuant to the terms of its Lease, provided (i) Borrower delivers, or causes to be delivered to Lender, evidence amount due as of the timely payment Delinquency Date. Until such time as the indebtedness under the Loan is paid in full, Borrower shall deliver to Administrative Agent, as soon as available, a photocopy of such Taxes, (ii) such tenant has exercised all applicable renewal terms under its Lease within future tax statements received by Borrower from the time such renewals are required to be exercised and (iii) such tenant is not in material default of its obligations under its Lease beyond all applicable notice and cure periodstax authority.

Tax Impound. Borrower shall deposit with Lender the following amounts (collectively, “Tax Impound”): $134,748.00 0 on the Disbursement Date, and on each Due Date thereafter commencing with the First P&I I/O Due Date, an amount estimated from time to time by Lender in its reasonable discretion to be sufficient to pay the real estate taxes and assessments payable by Borrower with respect to the Property (collectively, “Taxes”) at least thirty (30) days prior to each date on which Taxes become delinquent (“Delinquency Date”). The initial estimated monthly amount to be deposited by Borrower for Taxes on each Due Date is $40,374.000. If Lender reasonably determines at any time that the Tax Impound will not be sufficient to pay any Taxes at least thirty (30) days prior to the Delinquency Date, Lender shall notify Borrower of such determination in writing and Borrower shall deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Delinquency Date, Borrower shall deposit the amount of such deficiency with Lender not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the Business Day immediately preceding the Delinquency Date. So long as no Default exists, Lender shall apply the Tax Impound to the payment of the Taxes. Deposits into the Tax Impound shall be waived, provided no Default is continuing, with respect to any Taxes which a tenant Commerce is required to pay directly to the taxing authority reimburse Borrower’s payment thereof pursuant to the terms of its Leasethe Commerce Lease (Borrower hereby representing that Commerce is required to reimburse all Taxes paid by Borrower), provided (i) Borrower delivers, or causes to be delivered to Lender, evidence of the timely payment of such Taxes, (ii) such tenant Commerce has exercised all applicable renewal terms under its Lease within the time such renewals are required to be exercised and (iii) such tenant Commerce is not in material default of its obligations under its Lease beyond all applicable notice and cure periods.

Tax Impound. Borrower shall deposit with Lender the following amounts (collectively, “Tax Impound”): $134,748.00 0 on the Disbursement Date, and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Lender in its reasonable discretion to be sufficient to pay the real estate taxes and assessments payable by Borrower with respect to the Property (collectively, “Taxes”) at least thirty (30) days prior to each date on which Taxes become delinquent (“Delinquency Date”). The initial estimated monthly amount to be deposited by Borrower for Taxes on each Due Date is $40,374.000. If Lender reasonably determines at any time that the Tax Impound will not be sufficient to pay any Taxes at least thirty (30) days prior to the Delinquency Date, Lender shall notify Borrower of such determination in writing and Borrower shall deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Delinquency Date, Borrower shall deposit the amount of such deficiency with Lender not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the Business Day immediately preceding the Delinquency Date. So long as no Default exists, Lender shall apply the Tax Impound to the payment of the Taxes. Deposits into the Tax Impound shall be waived, provided no Default is continuing, with respect to any Taxes which a tenant Xxxxx is required to pay directly to the taxing authority reimburse Borrower’s payment thereof pursuant to the terms of its Leasethe Xxxxx Lease (Borrower hereby representing that Xxxxx is required to reimburse all Taxes paid by Borrower), provided (i) Borrower delivers, or causes to be delivered to Lender, evidence of the timely payment of such Taxes, (ii) such tenant Xxxxx has exercised all applicable renewal terms under its Lease within the time such renewals are required to be exercised and (iii) such tenant Xxxxx is not in material default of its obligations under its Lease beyond all applicable notice and cure periods.

Tax Impound. Following the occurrence of a Default, at Administrative Agent’s option and election, Borrower shall deposit with Lender into the following amounts Tax Impound Account (collectively, “Tax Impound”): $134,748.00 on the Disbursement Date), and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Lender Administrative Agent, in its reasonable discretion discretion, to be sufficient to pay the real estate taxes taxes, assessments and assessments other similar ad valorem liabilities payable by Borrower under the Loan Documents with respect to the Property (collectively, “Taxes”) at least thirty (30) days prior to each date on which Taxes become delinquent (“Delinquency Date”). The Administrative Agent shall provide Borrower with the initial estimated monthly amount to be deposited by Borrower for Taxes on each Due Date, and Borrower shall thereafter deposit such amount with Administrative Agent on each Due Date is $40,374.00in addition to all other amounts owed to Administrative Agent and Lenders on the Due Date. If Lender reasonably Administrative Agent determines in good faith at any time that the Tax Impound will not be sufficient to pay any Taxes at least thirty (30) days prior to the Delinquency Date, Lender Administrative Agent shall notify Borrower of such determination in writing and Borrower shall deposit with Lender Administrative Agent the amount of such deficiency not more than ten (10) days Business Days after Borrower’s receipt of such notice, and shall thereafter deposit with Administrative Agent on each Due Date the increased amount as determined in good faith by Administrative Agent necessary to pay the Taxes at least thirty (30) days prior to the Delinquency Date; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Delinquency Date, Borrower shall deposit the amount of such deficiency with Lender Administrative Agent not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the Business Day immediately preceding the Delinquency Date. So long as no Default exists, Lender shall apply Administrative Agent shall, upon the request of Borrower, disburse to Borrower the Tax Impound to funds for the payment of the Taxes. Deposits into the Tax Impound shall be waived, provided no Default is continuing, with respect to any Taxes which a tenant is required to pay directly to amount shall not exceed the taxing authority pursuant to the terms of its Lease, provided (i) Borrower delivers, or causes to be delivered to Lender, evidence amount due as of the timely payment Delinquency Date. Until such time as the indebtedness under the Loan is paid in full, Borrower shall deliver to Administrative Agent, as soon as available, a photocopy of such Taxes, (ii) such tenant has exercised all applicable renewal terms under its Lease within future tax statements received by Borrower from the time such renewals are required to be exercised and (iii) such tenant is not in material default of its obligations under its Lease beyond all applicable notice and cure periodstax authority.

Tax Impound. Borrower shall deposit with Lender the following amounts (collectively, “Tax Impound”): $134,748.00 0.00 on the Disbursement Date, and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Lender in its reasonable discretion to be sufficient to pay the real estate taxes and assessments payable by Borrower with respect to the Property (collectively, “Taxes”) at least thirty (30) days prior to each date on which Taxes become delinquent (“Delinquency Date”). The initial estimated monthly amount to be deposited by Borrower for Taxes on each Due Date is $40,374.000. If Lender reasonably determines at any time that the Tax Impound will not be sufficient to pay any Taxes at least thirty (30) days prior to the Delinquency Date, Lender shall notify Borrower of such determination in writing and Borrower shall deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Delinquency Date, Borrower shall deposit the amount of such deficiency with Lender not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the Business Day immediately preceding the Delinquency Date. So long as no Default exists, Lender shall apply the Tax Impound to the payment of the Taxes. Deposits into the Tax Impound shall be waived, provided no Default is continuing, with respect to any Taxes which a tenant is required to pay directly to the taxing authority pursuant to the terms of its Lease, provided (i) Borrower delivers, or causes to be delivered to Lender, evidence of the timely payment of such Taxes, (ii) such tenant has exercised all applicable renewal terms under its Lease within the time such renewals are required to be exercised and (iii) such tenant is not in material default of its obligations under its Lease beyond all applicable notice and cure periods.

Tax Impound. Following the occurrence of a Default, at Administrative Agent’s option and election, Borrower shall deposit with Lender into the following amounts Tax Impound Account (collectively, “Tax Impound”): $134,748.00 on the Disbursement Date), and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Lender Administrative Agent, in its reasonable discretion discretion, to be sufficient to pay the real estate taxes taxes, assessments and assessments other similar ad valorem liabilities payable by Borrower under the Loan Documents with respect to the Property (collectively, “Property Taxes”) at least thirty (30) days prior to each date on which Property Taxes become delinquent (“Delinquency Date”). The Administrative Agent shall provide Borrower with the initial estimated monthly amount to be deposited by Borrower for Property Taxes on each Due Date, and Borrower shall thereafter deposit such amount with Administrative Agent on each Due Date is $40,374.00in addition to all other amounts owed to Administrative Agent and Lenders on the Due Date. If Lender reasonably Administrative Agent determines in good faith at any time that the Tax Impound will not be sufficient to pay any Property Taxes at least thirty (30) days prior to the Delinquency Date, Lender Administrative Agent shall notify Borrower of such determination in writing and Borrower shall deposit with Lender Administrative Agent the amount of such deficiency not more than ten (10) days Business Days after Borrower’s receipt of such notice, and shall thereafter deposit with Administrative Agent on each Due Date the increased amount as determined in good faith by Administrative Agent necessary to pay the Property Taxes at least thirty (30) days prior to the Delinquency Date; provided, however, if Borrower receives notice of any such deficiency less than thirty (30) days prior to the Delinquency Date, Borrower shall deposit the amount of such deficiency with Lender Administrative Agent not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the Business Day immediately preceding the Delinquency Date. So long as no Default exists, Lender shall apply Administrative Agent shall, upon the request of Borrower, disburse to Borrower the Tax Impound to funds for the payment of the Taxes. Deposits into the Tax Impound shall be waived, provided no Default is continuing, with respect to any Property Taxes which a tenant is required to pay directly to amount shall not exceed the taxing authority pursuant to the terms of its Lease, provided (i) Borrower delivers, or causes to be delivered to Lender, evidence amount due as of the timely payment Delinquency Date. Until such time as the indebtedness under the Loan is paid in full, Borrower shall deliver to Administrative Agent, as soon as available, a photocopy of such Taxes, (ii) such tenant has exercised all applicable renewal terms under its Lease within future tax statements received by Borrower from the time such renewals are required to be exercised and (iii) such tenant is not in material default of its obligations under its Lease beyond all applicable notice and cure periodstax authority.