Common use of Automatic Deduction Clause in Contracts

Automatic Deduction. (a) Throughout the term of the Loan, Opportunity OP shall maintain a Checking Account in good standing with Lender, in addition to each Borrower that owns an Eligible Property which is part of the Collateral Pool who shall maintain a Checking Account with respect to its Eligible Property as such Eligible Property’s operating account. Each Borrower hereby grants to Lender a security interest in the Checking Account, and any other accounts and deposit accounts from which such Borrower may from time to time authorize Lender to debit payments due on the Loan, for the purpose of securing the Obligations. (b) Borrower agrees that monthly payments on the Note will be deducted automatically on their due dates from the Checking Account. Lender is hereby authorized to apply the amounts so debited to Borrower’s obligations under the Loan. Notwithstanding the foregoing, Lender will not automatically deduct the principal payment at maturity from the Checking Account. (c) Lender will debit the Checking Account on the dates the payments become due. If a due date does not fall on a Banking Day, Lender will debit the Checking Account on the first Banking Day following the due date. (d) Borrower shall maintain sufficient funds in the Checking Account on the dates Lender enters debits authorized by this Agreement. If there are insufficient funds in the Checking Account on the date Lender enters any debit authorized by this Agreement, without limiting Lender’s other remedies in such an event, the debit will be reversed in whole or in part, in Lender’s sole and absolute discretion, and such amount not debited shall be deemed to be unpaid and shall be immediately due and payable in accordance with the terms of the Note.

Automatic Deduction. (a) Throughout the term of the Loan, Opportunity OP Borrower shall maintain a the Checking Account in good standing with Lender, in addition to each Borrower that owns an Eligible Property which is part of the Collateral Pool who shall maintain a Checking Account with respect to its Eligible Property as such Eligible Property’s operating account. Each Borrower hereby grants to Lender a security interest in the Checking Account, and any other accounts and deposit accounts from which such Borrower may from time to time authorize Lender to debit payments due on the Loan, Account for the purpose of securing the Obligations. (b) Borrower agrees that monthly payments on the Note will be deducted automatically on their due dates from the Checking AccountAccount (or such other account designated by Borrower). Lender is hereby authorized to apply the amounts so debited to Borrower’s obligations under the Loan. Notwithstanding the foregoing, Lender will not automatically deduct the principal payment at maturity from the Checking AccountAccount (or such other account designated by Borrower). (c) Lender will debit the Checking Account (or such other account designated by Borrower) on the dates the payments become due. If a due date does not fall on a Banking Day, Lender will debit the Checking Account (or such other account designated by Borrower) on the first Banking Day following the due date. (d) Borrower shall maintain sufficient funds in the Checking Account (or such other account designated by Borrower) on the dates Lender enters debits authorized by this Agreement. If there are insufficient funds in the Checking Account (or such other account designated by Borrower) on the date Lender enters any debit authorized by this Agreement, without limiting Lender’s other remedies in such an event, the debit will be reversed in whole or in part, in Lender’s sole and absolute discretion, and such amount not debited shall be deemed to be unpaid and shall be immediately due and payable in accordance with the terms of the Note.

Automatic Deduction. (a) Throughout the term of the Loan, Opportunity OP Borrowers shall maintain a the Checking Account in good standing with Lender, in addition to each Borrower that owns an Eligible Property which is part of the Collateral Pool who shall maintain a Checking Account with respect to its Eligible Property as such Eligible Property’s operating account. Each Borrower hereby grants to Lender a security interest in the Checking Account, and any other accounts and deposit accounts from which such Borrower may from time to time authorize Lender to debit payments due on the Loan, Account for the purpose of securing the Obligations. (b) Each Borrower agrees that monthly payments on the Note will be deducted automatically on their due dates from the Checking AccountAccount (or such other account designated by Borrowers). Lender is hereby authorized to apply the amounts so debited to Borrower’s obligations under the Loan. Notwithstanding the foregoing, Lender will not automatically deduct the principal payment at maturity from the Checking AccountAccount (or such other account designated by Borrowers). (c) Lender will debit the Checking Account (or such other account designated by Borrowers) on the dates the payments become due. If a due date does not fall on a Banking Day, Lender will debit the Checking Account (or such other account designated by Borrowers) on the first Banking Day following the due date. (d) Borrower Borrowers shall maintain sufficient funds in the Checking Account (or such other account designated by Borrowers) on the dates Lender enters debits authorized by this Agreement. If there are insufficient funds in the Checking Account (or such other account designated by Borrowers) on the date Lender enters any debit authorized by this Agreement, without limiting Lender’s other remedies in such an event, the debit will be reversed in whole or in part, in Lender’s sole and absolute discretion, and such amount not debited shall be deemed to be unpaid and shall be immediately due and payable in accordance with the terms of the Note.

Automatic Deduction. (a) Throughout the term of the Loan, Opportunity OP Borrower shall maintain a the Checking Account in good standing with Lender, in addition to each Borrower that owns an Eligible Property which is part of the Collateral Pool who shall maintain a Checking Account with respect to its Eligible Property as such Eligible Property’s operating account. Each Borrower hereby grants to Lender a security interest in the Checking Account, and any other accounts and deposit accounts from which such Borrower may from time to time authorize Lender to debit payments due on the Loan, for the purpose of securing the Obligations. (b) Borrower agrees that monthly interest payments on the Note (but not any scheduled principal payments) will be deducted automatically on their due dates from the Checking Account. Lender is hereby authorized to apply the amounts so debited to Borrower’s obligations under the Loan. Notwithstanding the foregoing, Lender will not automatically deduct the principal payment at maturity from the Checking Account. (c) Lender will debit the Checking Account on the dates the payments become due. If a due date does not fall on a Banking Day, Lender will debit the Checking Account on the first Banking Day following the due date. (d) Borrower shall maintain sufficient funds in the Checking Account on the dates Lender enters debits authorized by this Agreement. If there are insufficient funds in the Checking Account on the date Lender enters any debit authorized by this Agreement, without limiting Lender’s other remedies in such an event, the debit will be reversed in whole or in part, in Lender’s sole and absolute discretion, and such amount not debited shall be deemed to be unpaid and shall be immediately due and payable in accordance with the terms of the Note.

Automatic Deduction. (a) Throughout the term of the Loan, Opportunity OP Borrower shall maintain a the Checking Account in good standing with Lender, in addition to each Borrower that owns an Eligible Property which is part of the Collateral Pool who shall maintain a Checking Account with respect to its Eligible Property as such Eligible Property’s operating account. Each Borrower hereby grants to Lender a security interest in the Checking Account, and any other accounts and deposit accounts from which such Borrower may from time to time authorize Lender to debit payments due on the Loan, for the purpose of securing the Obligations. (b) Borrower agrees that regularly-scheduled monthly payments on the Note will be deducted automatically on their due dates from the Checking Account. Lender shall, and is hereby authorized to apply the amounts so debited to Borrower’s obligations under the Loan. Notwithstanding the foregoing, Lender will not automatically deduct the principal payment at maturity from the Checking Account, or deduct Prepaid Principal (as defined in the Note) without the prior written consent of Borrower. (c) Lender will debit the Checking Account on the dates the regularly-scheduled monthly payments become due. If a due date does not fall on a Banking Day, Lender will debit the Checking Account on the first Banking Day following the due date. (d) Borrower shall maintain sufficient funds in the Checking Account on the dates Lender enters debits authorized by this Agreement. If there are insufficient funds in the Checking Account on the date Lender enters any debit authorized by this Agreement, without limiting Lender’s other remedies in such an event, the debit will be reversed in whole or in part, in Lender’s sole and absolute discretion, and such amount not debited shall be deemed to be unpaid and shall be immediately due and payable in accordance with the terms of the Note, and subject to any grace period set forth therein.