Common use of Tax Reserve Account Clause in Contracts

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1, Borrower shall deposit into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty (20) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunder. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account.

Tax Reserve Account. In accordance The Borrowers shall deposit with the time periods set forth in Paying Agent (or such amounts shall be remitted from the proceeds of the Property Loan on such Property pursuant to Section 3.12.02(c) or upon release of any Renovation Reserves, if an Event of Default shall Leasing Commission Reserves or Debt Service Reserves with respect to any Non-Stabilized Property, to the extent the Tax Reserves for such Financed Property have occurred and be continuing, if required under not previously been deposited or are not incompliance with this Section 3.1, Borrower shall deposit into 6.05 on such date) for transfer to the Tax Reserve Account reserve funds sufficient for Real Estate Taxes with respect to each Financed Property (the “Tax Reserve”) in accordance with this Section 6.05. Borrowers shall provide to the Administrative Agent an estimate of and supporting information for the amount of the Real Estate Taxes for each Financed Property and of any changes thereto occurring from time to time in order for Administrative Agent to make estimates of Real Estate Taxes pursuant to this Section 6.05. At the time of disbursement of the Property Loan with respect to any Financed Property, the Borrowers shall deposit with the Paying Agent (or such amounts shall be remitted from the proceeds of the Property Loan on such Property pursuant to Section 2.02(c)) for transfer to the Tax Reserve Account for each Financed Property, an amount equal to (a) one-twelfth half (1/2) of Administrative Agent’s estimate of the amount of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx Real Estate Taxes for the such Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty (20) days prior . The Borrowers shall provide to the imposition of any interestDiligence Agent such certificates, charges or expenses for tax bills and other evidence as the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender Administrative Agent may reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”)require. As of the Closing Date, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during During the continuance of an Event of Default Default, the Administrative Agent may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, direct the extent required Paying Agent in writing to be paid hereunder. Lender will apply withdraw all or any portion of the Monthly Tax Reserve from the Tax Reserve Account and apply such funds either to pay (i) Real Estate Taxes or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to payments of Impositions each Lender, in such proportion as between items (i) and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under (ii) above as the Security Instrument, subject to Borrower’s right to contest Impositions Administrative Agent may determine in accordance with Section 7.3its sole discretion. In making any payment relating to from the Tax Reserve Account, Lender the Administrative Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If The right to direct the amount Paying Agent in writing to withdraw and apply Tax Reserve in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent, the Collateral Agent or any Lenders under this Agreement and the other Loan Documents. Provided no Default or Event of funds in Default shall exist and remain uncured, the Paying Agent shall disburse the Tax Reserve Account shall exceed with respect to a Property to the amounts due for Impositions and Other Charges Borrower Representative (as directed in writing by the Administrative Agent pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to Section 6.13(e)) upon the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not Refinancing or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower Transfer of such determination Property and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment in full of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary applicable Release Amount with respect to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Accountsuch Property.

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1, Borrower shall deposit cause to be deposited into the Tax Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty thirty (2030) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, ,” and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00996,522.60, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1its reasonable discretion upon notice to Borrower. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunderDate. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security InstrumentInstruments, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereofthereof subject to Borrower’s right to contest. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account.

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1during any period when the Manager is not reserving for Impositions and Other Charges, Borrower shall deposit into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Impositions that Lender Administrative Agent reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender Administrative Agent sufficient funds to pay all such Impositions at least twenty (20) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender Administrative Agent reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to adjustment by Lender Administrative Agent in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender Administrative Agent on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunderDate. Lender Administrative Agent will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender Administrative Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender Administrative Agent shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender Administrative Agent reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender Administrative Agent shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender Administrative Agent by the amount that Lender Administrative Agent reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender Administrative Agent shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account.

Tax Reserve Account. In accordance The Borrowers shall deposit with the time periods set forth in Paying Agent (or such amounts shall be remitted from the proceeds of the Property Loan on such Property pursuant to Section 3.12.02(c) or upon release of any Renovation Reserves, if an Event of Default shall Leasing Commission Reserves or Debt Service Reserves with respect to any Financed Property, to the extent the Tax Reserves for such Financed Property have occurred and be continuing, if required under not previously been deposited or are not incompliance with this Section 3.1, Borrower shall deposit into 6.05 on such date) for transfer to the Tax Reserve Account reserve funds sufficient for Real Estate Taxes with respect to each Financed Property (the “Tax Reserve”) in accordance with this Section 6.05. Borrowers shall provide to the Administrative Agent an estimate of and supporting information for the amount of the Real Estate Taxes for each Financed Property and of any changes thereto occurring from time to time in order for Administrative Agent to make estimates of Real Estate Taxes pursuant to this Section 6.05. At the time of disbursement of the Property Loan with respect to any Financed Property, the Borrowers shall deposit with the Paying Agent (or such amounts shall be remitted from the proceeds of the Property Loan on such Property pursuant to Section 2.02(c)) for transfer to the Tax Reserve Account for each Financed Property, an amount equal to (a) one-twelfth half (1/2) of Administrative Agent’s estimate of the amount of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx Real Estate Taxes for the such Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty (20) days prior . The Borrowers shall provide to the imposition of any interestDiligence Agent such certificates, charges or expenses for tax bills and other evidence as the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender Administrative Agent may reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”)require. As of the Closing Date, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during During the continuance of an Event of Default Default, the Administrative Agent may, and at the direction of the Majority Lenders shall, direct the Paying Agent in writing to withdraw all or any portion of the extent required to be paid hereunder. Lender will apply the Monthly Tax Reserve from the Tax Reserve Account and apply such funds either to pay (i) Real Estate Taxes or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to payments of Impositions each Lender, in such proportion as between items (i) and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under (ii) above as the Security Instrument, subject to Borrower’s right to contest Impositions Administrative Agent may determine in accordance with Section 7.3its sole discretion. In making any payment relating to from the Tax Reserve Account, Lender the Administrative Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If The right to direct the amount Paying Agent in writing to withdraw and apply Tax Reserve in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent, the Collateral Agent or any Lenders under this Agreement and the other Loan Documents. Provided no Default or Event of funds in Default shall exist and remain uncured, the Paying Agent shall disburse the Tax Reserve Account shall exceed with respect to a Property to the amounts due for Impositions and Other Charges Borrower Representative (as directed in writing by the Administrative Agent pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to Section 6.13(e)) upon the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower Transfer of such determination Property and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment in full of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary applicable Release Amount with respect to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Accountsuch Property.

Tax Reserve Account. In accordance (a) No later than the Closing Date, the Paying Agent shall establish and maintain with itself, on behalf of the time periods set forth Trustee, a separate, segregated trust account titled, “Tax Reserve Account, Citibank, N.A., as Paying Agent, for U.S. Bank National Association as Trustee, in Section 3.1trust for the registered holders of Citigroup Mortgage Loan Trust Inc., if Mortgage Pass-Through Certificates, Series 2005-5.” (b) On the Closing Date and on each Distribution Date as to which there is a PMI Insurer Tax Amount payable to PMI Insurer (as evidenced by an Event of Default shall have occurred and invoice for the same received by the Paying Agent), the Paying Agent will cause to be continuing, if required under Section 3.1, Borrower shall deposit into paid from the Tax Reserve Account an the amount equal of any such PMI Insurer Tax Amount (to the extent of amounts on deposit in such account). (ac) one-twelfth For federal and state income tax purposes, the Master Servicer will be deemed to be the owner of the annual Impositions that Lender reasonably estimates, based on Tax Reserve Account. Upon the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty (20) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth termination of the annual Other Charges that Lender reasonably estimates will be payable during Trust Fund, or the next ensuing twelve (12) months (said monthly payment in full of the Class A Certificates and Subordinate Certificates, all amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held remaining on deposit in the Tax Reserve Account being will be released by the “Trust Fund and distributed to the Master Servicer or its designee. The Tax Reserve Amount”). As Account will be part of the Closing Date, the Monthly Tax Reserve Amount is $0.00, Trust Fund but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunder. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity not part of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Trust REMIC. (d) The Paying Agent at the amount direction of funds in the Master Servicer shall direct any depository institution maintaining the Tax Reserve Account shall exceed to invest the amounts due for Impositions funds in such account in one or more Permitted Investments bearing interest or sold at a discount, and Other Charges maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to Article V this Agreement, if a Person other than the Paying Agent or an Affiliate manages or advises such investment, and Article VII, Lender shall credit (ii) no later than the date on which such excess against future payments funds are required to be made withdrawn from such account pursuant to this Agreement, if the Tax Reserve AccountPaying Agent or an Affiliate manages or advises such investment. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions All income and Other Charges by the dates set forth above, Lender gain earned upon such investment shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account.< /p>

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1during any period when the Manager is not reserving for Impositions and Other Charges, Borrower shall deposit into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty (20) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”MONTHLY TAX RESERVE AMOUNT, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”TAX RESERVE AMOUNT). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.116. 1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunderDate. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s 's right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account7.

Tax Reserve Account. In As long as the Mortgage Loan remains outstanding, Borrower shall cause Mortgage Borrower to comply with its obligations under Section 17.1 of the Mortgage Loan Agreement. Subject to Section 4.4.5(a), if any Borrower elects to make any portion of any such payment from an Advance, Borrower shall request Advances to pay for Impositions not later than the Payment Date immediately preceding each date on which an installment of Impositions shall be due and payable. Solely to the extent required pursuant to Section 17.7, from and after the Payment Date first occurring after (x) written notice from Administrative Agent to Borrower instructing Borrower to begin making deposits to the Tax Reserve Account and (y) the establishment of a tax reserve account pursuant to and in accordance with Section 5.1.1(c) (such tax reserve account, the time periods set forth in Section 3.1“Tax Reserve Account”), if an Event of Default shall have occurred and be continuing, if required under Section 3.1on each Payment Date thereafter, Borrower shall deposit into the Tax Reserve Account Account, first as set forth in Section 5.1.6(a) and, to the extent such funds are insufficient, second from Interest/OpEx Advances under this Agreement and third from funds provided by Borrower, an amount equal to (a) one-twelfth of the annual Impositions that Lender Administrative Agent reasonably estimates, based on the most recent tax xxxx for the Property, estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender Administrative Agent sufficient funds to pay all such Impositions at least twenty thirty (2030) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As Notwithstanding the foregoing, but subject to and in accordance with the terms of Section 4.4.5 and 17.6, (i) Interest/OpEx Advances from the Closing Date, Interest/OpEx Allocation shall first be used to make deposits of the Monthly Tax Reserve Amount is $0.00Amount, but such amount is subject (ii) then amounts available in the Excess Cash Flow Reserve Account shall be utilized to adjustment by Lender in accordance with make deposits of the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default Amount, and (iii) then, to the extent required such funds are insufficient to be paid hereunderfully fund the Monthly Tax Reserve Amount, Borrower shall deposit the balance from its own funds. Lender Administrative Agent will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower or Mortgage Borrower pursuant to Article V this Agreement and Article VII and under the Security InstrumentMortgage Loan Agreement, subject to Borrower’s and Mortgage Borrower’s right to contest Impositions in accordance with Section 7.39.3. In making any payment relating to the Tax Reserve Account, Lender Administrative Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof until such time as Borrower shall notify Administrative Agent of a potential inaccuracy in any xxxx, statement or estimate or challenge the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VIIthis Agreement, Lender Administrative Agent shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other ChargesImpositions, Lender Administrative Agent shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account. Any Tax Reserve Amount remaining on deposit in the Tax Reserve Account upon the satisfaction in full of the Debt (exclusive of any indemnification or other obligations which are expressly stated in any of the Loan Documents to survive the satisfaction of the Note(s) in full) shall be disbursed to Borrower.

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1during any period when the Manager is not reserving for Impositions and Other Charges, Borrower shall deposit into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Impositions that Lender Administrative Agent reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender Administrative Agent sufficient funds to pay all such Impositions at least twenty (20) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender Administrative Agent reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing DateIf applicable, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender Administrative Agent on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunderDate. Lender Administrative Agent will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender Administrative Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender Administrative Agent shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender Administrative Agent reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender Administrative Agent shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender Administrative Agent by the amount that Lender Administrative Agent reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender Administrative Agent shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account.

Tax Reserve Account. In accordance The Borrowers shall deposit with the time periods set forth in Paying Agent (or such amounts shall be remitted from the proceeds of the Property Loan on such Property pursuant to Section 3.12.02(c) or upon release of any Renovation Reserves, if an Event of Default shall Leasing Commission Reserves or Debt Service Reserves with respect to any Non-Stabilized Property, to the extent the Tax Reserves for such Financed Property have occurred and be continuing, if required under not previously been deposited or are not incompliance with this Section 3.1, Borrower shall deposit into 6.05 on such date) for transfer to the Tax Reserve Account reserve funds sufficient for Real Estate Taxes with respect to each Financed Property (the “Tax Reserve”) in accordance with this Section 6.05. Borrowers shall provide to the Administrative Agent an estimate of and supporting information for the amount of the Real Estate Taxes for each Financed Property and of any changes thereto occurring from time to time in order for Administrative Agent to make estimates of Real Estate Taxes pursuant to this Section 6.05. At the time of disbursement of the Property Loan with respect to any Financed Property, the Borrowers shall deposit with the Paying Agent (or such amounts shall be remitted from the proceeds of the Property Loan on such Property pursuant to Section 2.02(c)) for transfer to the Tax Reserve Account for each Financed Property, an amount equal to (a) one-twelfth half (1/2) of Administrative Agent’s estimate of the amount of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx Real Estate Taxes for the such Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty (20) days prior . The Borrowers shall provide to the imposition of any interestDiligence Agent such certificates, charges or expenses for tax bills and other evidence as the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender Administrative Agent may reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”)require. As of the Closing Date, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during During the continuance of an Event of Default Default, the Administrative Agent may, and at the direction of the Majority Lenders shall, direct the Paying Agent in writing to withdraw all or any portion of the extent required to be paid hereunder. Lender will apply the Monthly Tax Reserve from the Tax Reserve Account and apply such funds either to pay (i) Real Estate Taxes or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to payments of Impositions each Lender, in such proportion as between items (i) and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under (ii) above as the Security Instrument, subject to Borrower’s right to contest Impositions Administrative Agent may determine in accordance with Section 7.3its sole discretion. In making any payment relating to from the Tax Reserve Account, Lender the Administrative Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If The right to direct the amount Paying Agent in writing to withdraw and apply Tax Reserve in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent, the Collateral Agent or any Lenders under this Agreement and the other Loan Documents. Provided no Default or Event of funds in Default shall exist and remain uncured, the Paying Agent shall disburse the Tax Reserve Account shall exceed with respect to a Property to the amounts due for Impositions and Other Charges Borrower Representative (as directed in writing by the Administrative Agent pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to Section 6.13(e)) upon the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not Refinancing or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower Transfer of such determination Property and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment in full of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary applicable Release Amount with respect to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Accountsuch Property.

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1, Borrower shall deposit into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty thirty (2030) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and thereof, (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00106,849, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1upon notice to Borrower. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunderDate. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account.

Tax Reserve Account. In accordance On the Closing Date, Borrower shall deposit or cause to be deposited with or on behalf of Lender the time periods amount set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1, Borrower shall 3.1.5 for deposit into the Tax Reserve Account. On each Payment Date, Borrower shall deposit or cause to be deposited into the Tax Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a) on or before such Payment Date) an amount equal to (a) one-twelfth of the annual Real Estate Impositions that Lender reasonably estimatesestimates (taking into account any prior to deposits in the Tax Reserve Account), based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Real Estate Impositions at least twenty thirty (2030) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00591,681.28, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower its reasonable discretion upon notice to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunderBorrower. Lender will apply the Monthly Tax Reserve Amount to payments of Real Estate Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Real Estate Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereofthereof subject to Borrower’s right to contest. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Real Estate Impositions and Other Charges pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Real Estate Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Real Estate Impositions and Other Charges. Upon payment of the Real Estate Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account.

Tax Reserve Account. In (a) Subject to Section 6.1.1B, in accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.16.1, Borrower and the PropCo Subsidiaries shall deposit cause to be deposited into the Tax Reserve Account (which deposit may be effected by the transfers contemplated under Section 6.1.6(a)) an amount equal to (a) one-twelfth of the annual Impositions that Lender the Administrative Agent reasonably estimates, based on the most recent real estate tax xxxx for the each Borrowing Base Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender in the Tax Reserve Account sufficient funds to pay all such Impositions at least twenty thirty (2030) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender the Administrative Agent reasonably estimates will be payable during the next ensuing twelve (12) months in order to accumulate sufficient funds to pay all such Other Charges at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment thereof (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Effective Date, $4,651,786.19 has been deposited in the Monthly Tax Reserve Amount is $0.00Account. Subject to Section 6.1.1B, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default PropCo Subsidiaries to the extent required to be paid hereunder. Lender Tax Reserve Account on the first Business Day of each calendar month, commencing with the first month immediately following the month in which the Effective Date occurs, and the Administrative Agent will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security InstrumentCharges, subject to Borrower’s and the PropCo Subsidiaries’ right to contest Impositions in accordance with Section 7.310.3. In making any payment relating to the Tax Reserve Account, Lender the Administrative Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereofthereof subject to Borrower’s and the PropCo Subsidiaries’ right to contest. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VIISection 10, Lender the Administrative Agent shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender the Administrative Agent reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender the Administrative Agent shall notify Borrower and the PropCo Subsidiaries of such determination and Borrower the PropCo Subsidiaries shall increase its their monthly payments to Lender the Tax Reserve Account by the amount that Lender the Administrative Agent reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender the Administrative Agent shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account. (b) Notwithstanding the foregoing, the Monthly Tax Reserve Amount for the Jointly Assessed Borrowing Base Properties shall be limited to the applicable PropCo Subsidiary’s pro rata share of the Impositions and Other Charges; provided, however, that subject to Borrower’s and the PropCo Subsidiaries’ right to contest in accordance with Section 10.3, if any real property taxes assessed against the joint tax lot shall become delinquent with respect to a Jointly Assessed Borrowing Base Property as a result of the Fee Owner’s failure to timely pay its share of such taxes, then upon the earliest to occur of (i) six (6) months after the date when such delinquency first occurred, (ii) thirty (30) days prior to the assessment of any late charges or interest with respect to such taxes and (iii) the date on which any Governmental Authority commences an enforcement action with respect to such taxes, the Monthly Tax Reserve Amount for such Jointly Assessed Borrowing Base Property shall thereafter be increased to include Impositions and Other Charges on the entire tax lot of which such Jointly Assessed Borrowing Base Property forms a part.

Tax Reserve Account. (a) In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1, Borrower shall deposit cause to be deposited into the Tax Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty thirty (2030) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00244,626.26, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1its reasonable discretion upon notice to Borrower. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunderDate. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereofthereof subject to Borrower’s right to contest. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account. (b) Notwithstanding the foregoing, the Monthly Tax Reserve Amount for the Jointly Assessed Ground Lease Properties shall be limited to Borrower’s pro rata share of the Impositions and Other Charges as specified on Schedule IX, provided however that, subject to Borrower’s right to contest in accordance with Article VII, if any real property taxes assessed against the joint tax lot shall become delinquent or late charges or interest shall be imposed thereon with respect to a Jointly Assessed Ground Lease Property as a result of the Fee Owner’s failure to timely pay its share of such taxes, then upon the earlier to occur of (i) six (6) months after the date when such delinquency first occurred or such late charges or interest commenced and (ii) the date on which any Governmental Authority commences an enforcement action with respect to such taxes, the Monthly Tax Reserve Amount for such Jointly Assessed Ground Lease Property shall thereafter be expanded to include Impositions and Other Charges on the entire tax lot of which such Jointly Assessed Ground Lease Property forms a part.

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event Borrower (or in the case of Default the Maryland Property, Maryland Loan Guarantor) shall have occurred and cause to be continuing, if required under Section 3.1, Borrower shall deposit deposited into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx bxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty thirty (2030) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, ,” and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00739,696.79, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1upon notice to Borrower. The Monthly Tax Reserve Amount shall be paid by Borrower (or in the case of the Maryland Property, Maryland Loan Guarantor) to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunderDate. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower (or in the case of the Maryland Property, Maryland Loan Guarantor) pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender may do so according to any xxxxbxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxxbxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower (or in the case of the Maryland Property, Maryland Loan Guarantor) shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account.

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1during any period when the Manager is not reserving for Impositions and Other Charges, Borrower shall deposit into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty (20) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunderDate. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s 's right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account.

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1, Borrower shall deposit cause to be deposited into the Tax Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty thirty (2030) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00824,185.12, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1its reasonable discretion upon notice to Borrower. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunderDate. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereofthereof subject to Borrower’s right to contest. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account.

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1during any period when the Manager does not reserve or otherwise set aside for Impositions and Other Charges, Borrower shall deposit into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Impositions that Lender Administrative Agent reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender Administrative Agent sufficient funds to pay all such Impositions at least twenty (20) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender Administrative Agent reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to adjustment by Lender Administrative Agent in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender Administrative Agent on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunderDate. Lender Administrative Agent will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender Administrative Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender Administrative Agent shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender Administrative Agent reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender Administrative Agent shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender Administrative Agent by the amount that Lender Administrative Agent reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender Administrative Agent shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account.

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred 16.1.1 Borrower and be continuing, if required under Section 3.1, Borrower Maryland Owner shall deposit into with Lender to be held in the Tax Reserve Account on each Payment Date an amount equal to (a) one-twelfth (1/12) of the annual Impositions that Lender reasonably estimatesestimates in its good faith judgment, based on the most recent tax xxxx for the each Individual Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty ten (2010) days prior to the imposition of any interest, charges or expenses for the non-payment thereof thereof, and (b) one-twelfth (1/12) of the annual Other Charges that Lender reasonably estimates in its good faith judgment will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called collectively, the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the ). Amounts so deposited shall herein be referred to as Borrower’s “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Provided no Event of Default to the extent required to shall have occurred and be paid hereunder. continuing, Lender will shall apply the Monthly Tax Reserve Amount Amount, if any, to payments of Impositions and Other Charges required to be made by Borrower and Maryland Owner pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s and Maryland Owner’s right to contest Impositions and Other Charges in accordance with Section 7.3. In making any payment relating to from the Tax Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VIIVII for any tax period, Lender shall credit such excess against adjust future payments of the Tax Reserve Amount, as necessary, to be made to the Tax Reserve Accountby Borrower and Maryland Owner. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower and Maryland Owner of such determination and Borrower and Maryland Owner shall increase its monthly payments to Lender the deposit of the Monthly Tax Reserve Amount by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty ten (3010) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon , provided that upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding tax period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account. Any amounts remaining in the Tax Reserve Account after the Indebtedness has been repaid in full shall be promptly returned to Borrower and/or Maryland Owner or its designee.

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event Borrower (or in the case of Default the Maryland Property, Maryland Loan Guarantor) shall have occurred and cause to be continuing, if required under Section 3.1, Borrower shall deposit deposited into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty thirty (2030) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, ,” and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00739,696.79, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1upon notice to Borrower. The Monthly Tax Reserve Amount shall be paid by Borrower (or in the case of the Maryland Property, Maryland Loan Guarantor) to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunderDate. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower (or in the case of the Maryland Property, Maryland Loan Guarantor) pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower (or in the case of the Maryland Property, Maryland Loan Guarantor) shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account.

Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1, Borrower shall deposit into the Tax Reserve Account an amount equal to (a) one-twelfth of Borrower shall, on each Payment Date, deposit into an Eligible Account established by Lender from time to time (the annual Impositions that Lender reasonably estimates, based on “Tax Reserve Account”) the most recent tax xxxx for the Property, will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty (20) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges amount that Lender reasonably estimates will be payable during necessary in order to accumulate sufficient funds to pay, at least thirty (30) days prior to their respective due dates, all Property Taxes and Other Charges due within the next ensuing twelve (12) months (said monthly the amount of such deposit required on any Payment Date, the “Tax Reserve Deposit Amount”). Amounts deposited into the Tax Reserve Account are referred to herein as the “Tax Reserve Funds.” If at any time, Lender reasonably determines that the Tax Reserve Funds will not be sufficient to pay the Property Taxes and Other Charges, Lender shall notify Borrower of such determination and Borrower shall deposit the shortfall amount determined by Lender into the Tax Reserve Account within five (5) Business Days following written notice from Lender to Borrower. Notwithstanding the foregoing or anything to the contrary herein, after the Closing Date, Lender shall disburse into the Tax Reserve Account in the order of priority of application set forth in Section 2.1.9(c) hereof, (i) amounts available for deposit into the Tax Reserve Account pursuant to Section 3.1(b)(i) hereof, (ii) amounts then on deposit in the Shortfall Account allocable for the payment of Property Taxes and Other Charges, (aiii) amounts then on deposit in the Excess Cash Flow Account allocable for the payment of Property Taxes and Other Charges, and (iv) Additional Advances available for payment of Property Taxes and Other Charges, in each case, for the payment of Property Taxes and Other Charges in an amount equal to the then-required Tax Reserve Deposit Amount (such disbursement to be made by Lender, the “Tax Disbursement Amount”). Lender’s disbursement of the Tax Disbursement Amount shall satisfy Borrower’s obligations to make a deposit into the Tax Reserve Account in such amount, provided that, (x) if the Tax Disbursement Amount is less than the then-required Tax Reserve Deposit Amount, Borrower shall deposit such deficiency in accordance with the terms of this Section 3.2.1(a), and (y) with respect to disbursement of amounts on deposit in the Shortfall Account, such disbursement shall be required only so long as Lender’s access to such amounts is not restricted by (A) Legal Requirements, injunction or other court order, or (B) as a result of any action, inaction or omission by Borrower, Guarantor or any Affiliate of Borrower or Guarantor. (b) above hereinafter called Provided no Event of Default shall exist, Lender shall apply the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default to the extent required to be paid hereunder. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions the Property Taxes and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3for which such funds have been reserved on their respective due dates. In making any payment relating to the Tax Reserve Accountsuch payment, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office, office without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Lender so elects at any time, Borrower shall provide, at Borrower’s expense, a tax service contract for the amount term of funds in the Loan issued by a tax reporting agency acceptable to Lender. If Lender does not so elect, Borrower shall reimburse Lender for the out-of-pocket cost of making annual tax searches throughout the term of the Loan. (c) Notwithstanding the foregoing provisions of this Section 3.2.1, Borrower shall not be required to deposit the Tax Reserve Account shall exceed the amounts due for Impositions Deposit Amount as set in Section 3.2.1 (a) at any time that, in Lender’s determination, (i) Master Tenant pays all Property Taxes and Other Charges directly to the appropriate taxing authority in accordance with the express terms of the Master Lease, (ii) there is no event of default by Master Tenant under the Master Lease, and (iii) Borrower provides Lender, or causes to be provided to Lender, evidence of payment of such Property Taxes and Other Charges prior to delinquency. Borrower shall immediately commence depositing all Tax Reserve Deposit Amounts as required by Lender pursuant to Article V Section 3.2.1, within five (5) Business Days of receipt of notice from Lender of Borrower’s failure to comply with items (i), (ii), or (iii) in the immediately preceding sentence, and Article VIIsuch failure is not cured within such five (5) Business Day period, Lender which such notice shall credit instruct Borrower, in such excess against future payments event, to be made to immediately commence making all additional deposits of the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve AccountDeposit Amount.

Tax Reserve Account. In accordance with the time periods set forth in Subject to Section 3.14.4.5(a), if Borrower elects to make any portion of any such payment from an Event Advance, Borrower shall request Advances to pay for Impositions not later than the Payment Date immediately preceding each date on which an installment of Default Impositions shall have occurred be due and be continuingpayable; provided, if required under Section 3.1however, that, from and after the Payment Date first occurring following written notice from Administrative Agent to Borrower instructing Borrower to begin making deposits to the Tax Reserve Account, and on each Payment Date thereafter, Borrower shall deposit into the Tax Reserve Account Account, first as set forth in Section 5.1.6(a) and, to the extent such funds are insufficient, second from Interest/OpEx Advances under this Agreement and third from funds provided by Borrower, an amount equal to (a) one-twelfth of the annual Impositions that Lender Administrative Agent reasonably estimates, based on the most recent tax xxxx for the Property, estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender Administrative Agent sufficient funds to pay all such Impositions at least twenty thirty (2030) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As Notwithstanding the foregoing, but subject to and in accordance with the terms of Section 17.6, (i) Interest/OpEx Advances from the Closing Date, Interest/OpEx Allocation shall first be used to make deposits of the Monthly Tax Reserve Amount is $0.00Amount, but such amount is subject (ii) then amounts available in the Excess Cash Flow Reserve Account shall be utilized to adjustment by Lender in accordance with make deposits of the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of Default Amount, and (iii) then, to the extent required such funds are insufficient to be paid hereunderfully fund the Monthly Tax Reserve Amount, Borrower shall deposit the balance from its own funds. Lender Administrative Agent will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII this Agreement and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.39.3. In making any payment relating to the Tax Reserve Account, Lender Administrative Agent may do so according to any xxxx, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof until such time as Borrower shall notify Administrative Agent of a potential inaccuracy in any xxxx, statement or estimate or challenge the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VIIthis Agreement, Lender Administrative Agent shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other ChargesImpositions, Lender Administrative Agent shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account. Any Tax Reserve Amount remaining on deposit in the Tax Reserve Account upon the satisfaction in full of the Debt (exclusive of any indemnification or other obligations which are expressly stated in any of the Loan Documents to survive the satisfaction of the Note(s) in full) shall be disbursed to Mezzanine Administrative Agent for application in accordance with the Mezzanine Loan Documents, or if the Mezzanine Loan shall no longer be outstanding, to Borrower.