Common use of Taxes, Insurance Clause in Contracts

Taxes, Insurance. Borrower agrees to: (a) promptly pay all taxes, levies, assessments, judgments, and charges of any kind upon or relating to the Collateral, to Borrower's business, and to Borrower's ownership or use of any of its assets, income, or gross receipts; (b) at its own expense, keep all of the Collateral fully insured against loss or damage by fire, theft, explosion and other risks, in such amounts, with such companies, under such policies, and in such form, as shall be satisfactory to Lender, a copy of which policies shall be delivered to Lender with evidence of premium payment and which policies shall be endorsed to provide Lender a standard loss payable clause with not less than 30 days notice of cancellation or of any change in coverage and the Lender shall have a security interest in the proceeds of all such insurance and may apply any such proceeds received by it toward payment of Borrower's Obligations, whether or not due, in such order of application as Lender may determine; (c) maintain at its own expense, public liability and property damage insurance in such amounts, with such companies, under such policies, and in such form as shall be satisfactory to Lender, and (d) upon Lender's request, shall furnish Lender with original insurance policies and evidence that such policies have been paid and maintained. If, after such request, the Lender does not promptly receive evidence that any of the insurance coverages required by this paragraph are being maintained, Lender may assume Borrower does not have the required coverage. If Borrower at any time fails to obtain or maintain any of the policies required above or pay any premium relating thereto, or fails to pay any tax, assessment, levy or charge, or discharge any lien, claim, or encumbrance, then Lender, without waiving or releasing any obligation or default of Borrower hereunder, may at any time, but without obligation to do so, make such payment, obtain such discharge, obtain and maintain policies of insurance, pay such premiums, and take any other action as Lender deems advisable. All sums disbursed by Lender, including reasonable attorney fees, court costs, expenses, and other charges relating thereto, shall be part of the Obligations secured hereby, shall be payable on demand, and shall bear interest until paid at the highest rate of interest then being charged by and loaned from Lender to Borrower. Upon Borrower's failure to obtain or maintain insurance upon the Collateral, the Lender may assess a service charge for obtaining and servicing the required insurance coverage.

Taxes, Insurance. Borrower agrees to: (a) promptly pay all taxes, levies, assessments, judgments, and charges of any kind upon or relating to the Collateral, to Borrower's business, and to Borrower's ownership or use of any of its assets, income, or gross receipts; (b) at its own expense, keep all of the Collateral fully insured against loss or damage by fire, theft, explosion and other risks, in such amounts, with such companies, under such policies, and in such form, as shall be satisfactory to LenderBank, a copy of which policies shall be delivered to Lender Bank with evidence of premium payment and which policies shall be endorsed to provide Lender Bank a standard loss payable clause with not less than 30 days notice of cancellation or of any change in coverage and (CF 12180000) xxd the Lender Bank shall have a security interest in the proceeds of all such insurance and may apply any such proceeds received by it toward payment of Borrower's Obligations, whether or not due, in such order of application as Lender Bank may determine; (c) maintain at its own expense, public liability and property damage insurance in such amounts, with such companies, under such policies, and in such form as shall be satisfactory to LenderBank, and (d) upon LenderBank's request, shall furnish Lender Bank with original insurance policies and evidence that such policies have been paid and maintained. If, after such request, the Lender Bank does not promptly receive evidence that any of the insurance coverages required by this paragraph are being maintained, Lender Bank may assume Borrower does not have the required coverage. If Borrower at any time fails to obtain or maintain any of the policies required above or pay any premium relating thereto, or fails to pay any tax, assessment, levy or charge, or discharge any lien, claim, or encumbrance, then LenderBank, without waiving or releasing any obligation or default of Borrower hereunder, may at any time, but without obligation to do so, make such payment, obtain such discharge, obtain and maintain policies of insurance, pay such premiums, and take any other action as Lender Bank deems advisable. All sums disbursed by LenderBank, including reasonable attorney fees, court costs, expenses, and other charges relating thereto, shall be part of the Obligations secured hereby, shall be payable on demand, and shall bear interest until paid at the highest rate of interest then being charged by and loaned from Lender Bank to Borrower. Upon Borrower's failure to obtain or maintain insurance upon the Collateral, the Lender Bank may assess a service charge for obtaining and servicing the required insurance coverage.

Taxes, Insurance. Borrower agrees to: shall pay to Lender (i) on the date hereof, the amount of $605,836.36, (ii) on each Payment Date, one-twelfth of the Taxes and Other Charges that Lender estimates will be payable during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes and Other Charges at least thirty (30) days prior to their respective due dates and (iii) on each Payment Date, one-twelfth of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Such amounts will be transferred by Lender to a Subaccount (the “Tax & Insurance Subaccount”). Provided that no Default or Event of Default has occurred and is continuing, Lender will (a) apply funds in the Tax & Insurance Subaccount to payments of Taxes, Other Charges and Insurance Premiums required to be made by Borrower pursuant to Sections 5.2 and 7.1, provided that Borrower has promptly pay supplied Lender with notices of all taxesTaxes, leviesOther Charges and Insurance Premiums due, assessmentsor (b) reimburse Borrower for such amounts upon presentation of evidence of payment; subject, judgments, and charges of any kind upon or relating to the Collateralhowever, to Borrower's business’s right to contest Taxes and Other Charges in accordance with Section 5.2. In making any payment relating to Taxes, Other Charges and to Borrower's ownership or use of any of its assets, income, or gross receipts; (b) at its own expense, keep all of the Collateral fully insured against loss or damage by fire, theft, explosion and other risks, in such amounts, with such companies, under such policies, and in such form, as shall be satisfactory to Lender, a copy of which policies shall be delivered to Lender with evidence of premium payment and which policies shall be endorsed to provide Lender a standard loss payable clause with not less than 30 days notice of cancellation or of any change in coverage and the Lender shall have a security interest in the proceeds of all such insurance and may apply any such proceeds received by it toward payment of Borrower's Obligations, whether or not due, in such order of application as Lender may determine; (c) maintain at its own expense, public liability and property damage insurance in such amounts, with such companies, under such policies, and in such form as shall be satisfactory to Lender, and (d) upon Lender's request, shall furnish Lender with original insurance policies and evidence that such policies have been paid and maintained. If, after such request, the Lender does not promptly receive evidence that any of the insurance coverages required by this paragraph are being maintainedInsurance Premiums, Lender may assume Borrower does not have do so according to any xxxx, statement or estimate procured from the required coverage. If Borrower at any time fails appropriate public office (with respect to obtain Taxes or maintain any Other Charges) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the policies required above or pay any premium relating thereto, or fails to pay validity of any tax, assessment, levy sale, forfeiture, tax lien or chargeclaim thereof. If Lender determines in its reasonable judgment that the funds in the Tax & Insurance Subaccount will be insufficient to pay (or in excess of) the Taxes, Other Charges or discharge any lienInsurance Premiums next coming due, claim, or encumbrance, then Lender, without waiving or releasing any obligation or default of Borrower hereunder, may at any time, but without obligation to do so, make such payment, obtain such discharge, obtain and maintain policies of insurance, pay such premiums, and take any other action as Lender deems advisable. All sums disbursed by Lender, including reasonable attorney fees, court costs, expenses, and other charges relating thereto, shall be part of the Obligations secured hereby, shall be payable on demand, and shall bear interest until paid at the highest rate of interest then being charged by and loaned from Lender to Borrower. Upon Borrower's failure to obtain or maintain insurance upon the Collateral, the Lender may assess a service charge for obtaining and servicing increase (or decrease) the monthly contribution required insurance coverageto be made by Borrower to the Tax & Insurance Subaccount.