Common use of Deposit for Premiums Clause in Contracts

Deposit for Premiums. On or before the date hereof, Trustor shall deposit with Beneficiary an amount equal to 1/12th of the amount which Beneficiary estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this Section (the “Insurance Reserves”), multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. Thereafter, with each monthly payment under the Note, Trustor will deposit an amount equal to 1/12th of the amount which Beneficiary estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Beneficiary with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If Beneficiary, in its sole discretion, determines that the funds reserved hereunder are, or will be, insufficient, Trustor shall upon demand pay such additional sums as Beneficiary shall determine necessary and shall pay any increased monthly charges requested by Beneficiary. Provided no Event of Default exists hereunder, Beneficiary will apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Beneficiary be liable for any interest on any amounts so deposited, and the money so received may be held and commingled with Beneficiary’s own funds. Notwithstanding anything to the contrary in this Section 4.5(c), the initial Trustor named herein shall only be required to deposit Insurance Reserves with Beneficiary following the occurrence and during the continuance of any Event of Default.

Deposit for Premiums. On or before If required by Beneficiary, concurrently with the date hereofdelivery of this Deed of Trust, Trustor shall deposit has deposited with Beneficiary an amount equal to 1/12th of the amount which Beneficiary estimates will be required to make the next annual payments of the premiums premium for the policies of insurance referred to in this Section (the “Insurance Reserves”)section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policypolicy ("Insurance Premium"). Thereafter, with With each monthly payment under the Note, Trustor will deposit an amount equal to 1/12th of the amount which Beneficiary estimates will be required to pay the next required annual premium for each insurance policy referred to in this Sectionsection. The purpose of these provisions is to provide Beneficiary with sufficient funds on hand to pay all such premiums Insurance Premiums thirty (30) days before the date on which they become past due. If BeneficiaryTrustor shall, within ten (10) days after receipt of demand therefor, deposit such additional funds as are necessary to make up any deficiencies in its sole discretion, determines that the funds reserved hereunder are, or will be, insufficient, Trustor shall upon demand amounts necessary to pay such additional sums as Beneficiary shall determine necessary and shall pay any increased monthly charges requested by BeneficiaryInsurance Premiums when due. Provided no Event of Default default exists hereunder, Beneficiary will apply the amounts so deposited to the payment of such insurance premiums Insurance Premiums when due, but in no event will Beneficiary be liable for any interest on any amounts amount so deposited, and the money so received may be held and commingled with Beneficiary’s 's own funds. Notwithstanding anything to the contrary in this Section 4.5(c), the initial Trustor named herein shall only be required to deposit Insurance Reserves with Beneficiary following the occurrence and during the continuance of any Event of Default.

Deposit for Premiums. On Upon demand made by Beneficiary following the occurrence of a Default or before the date hereof, an Event of Default. Trustor shall deposit with Beneficiary an amount equal to 1/12th of the amount which Beneficiary estimates will be required to make the next annual payments of the premiums for the policies of insurance referred to in this Section (the “Insurance Reserves”)Section, multiplied by the number of whole and partial months which have elapsed since the date one month prior to the most recent policy anniversary date for each such policy. Thereafter, with each monthly payment under the Note, Trustor will deposit an amount equal to 1/12th l/12th of the amount which Beneficiary estimates will be required to pay the next required annual premium for each insurance policy referred to in this Section. The purpose of these provisions is to provide Beneficiary with sufficient funds on hand to pay all such premiums thirty (30) days before the date on which they become past due. If the Beneficiary, in its sole discretion, determines that the funds reserved escrowed hereunder are, or will be, . insufficient, . Trustor shall upon demand pay such additional sums as Beneficiary shall determine necessary and shall pay any increased monthly charges requested by Beneficiary. Provided no Default or Event of Default exists hereunder, Beneficiary will apply the amounts so deposited to the payment of such insurance premiums when due, but in no event will Beneficiary be liable for any interest on any amounts so deposited, and the money so received may be held and commingled with Beneficiary’s own funds. Notwithstanding anything to the contrary in this Section 4.5(c), the initial Trustor named herein shall only be required to deposit Insurance Reserves with Beneficiary following the occurrence and during the continuance of any Event of Default.