Examples of Monthly Insurance Premium Deposit in a sentence
In the event an Individual Property is released from the Lien of its related Security Instrument in accordance with Section 2.5 hereof, (a) any Tax and Insurance Escrow Funds allocated for such Individual Property shall be returned to Borrower and (b) the Monthly Tax Deposit and the Monthly Insurance Premium Deposit, as applicable, shall be reduced by the monthly deposit allocated for such Individual Property.
Notwithstanding the foregoing, Lender agrees to waive the requirement for the Monthly Insurance Premium Deposit so long as the Reserve Waiver Conditions are satisfied.
If at any time during the term of the Loan Borrower fails to satisfy the Reserve Waiver Conditions with respect to the Monthly Insurance Premium Deposit, Borrower shall make a True Up Payment with respect to the same into the Property Tax and Insurance Escrow Account.
Notwithstanding the foregoing, Lender agrees to waive the requirement for the Monthly Insurance Premium Deposit so long as Borrower deposits with Lender at Closing, and maintains on deposit with Lender thereafter, funds sufficient to pay the Insurance Premiums for the next twelve (12) months.