Common use of Use of AR Loan Advances to satisfy FHA-Insured Loan Current Impositions Clause in Contracts

Use of AR Loan Advances to satisfy FHA-Insured Loan Current Impositions. [The parties acknowledge that AR Loan Advances shall first be used to pay Current Impositions.] [FHA Lender shall receive by automatic debit or FHA Lender shall have a right to withdraw from the account to which the AR Loan Advances are made] amounts at least equal to the Current Impositions. FHA Lender agrees to apply amounts received on account of Current Impositions toward payment of Owner’s monthly debt service obligations under the FHA-Insured Loan and to fund applicable escrow and reserve requirements, with the balance remaining of the payment so collected, if any, to be remitted by FHA Lender to [Owner] [promptly] [within two (2) Business Days] after receipt by FHA Lender.]

Use of AR Loan Advances to satisfy FHA-Insured Loan Current Impositions. [The parties acknowledge that AR Loan Advances shall first be used to pay Current Impositions.] [FHA Lender shall receive by automatic debit or FHA Lender shall have a right to withdraw from the account to which the AR Loan Advances are made] amounts at least equal to the Current Impositions. FHA Lender agrees to apply amounts received on account of Current Impositions toward payment of Owner’s monthly debt service obligations under the FHA-Insured Loan and to fund applicable escrow and reserve requirements, with the balance remaining of the payment so collected, if any, to be remitted by FHA Lender to [Owner] [promptly] [within two (2) Business Days] after receipt by FHA Lender.]