Common use of Deposit for Taxes Clause in Contracts

Deposit for Taxes. On the Closing Date, Borrowers shall deposit with Lender an amount equal to 1/12th of the amount that Lender reasonably estimates will be required to make the next annual payment of Property Impositions, with respect to each Property, multiplied by the number of whole or partial months that have elapsed since the date one month prior to the most recent due date for such Property Impositions. Following the Closing Date, on each Payment Date, Borrowers shall deposit with Lender an amount equal to 1/12th of the amount that Lender reasonably estimates will be required to pay the next annual payment of Property Impositions referred to in this Section with respect to each Property. The purpose of these provisions is to provide Lender with sufficient funds on hand for Lender or Servicer to pay all such Property Impositions charges thirty (30) days before the date on which they become past due. If Lender determines that the funds escrowed hereunder are, or will be, insufficient to pay such Property Impositions, Borrowers shall pay such additional sums as Lender shall reasonably determine necessary and shall pay any increased monthly charges reasonably requested by Lender. Provided that no Event of Default exists and is continuing, Lender shall apply the amounts so deposited to the payment of such Property Impositions when due, but in no event will Lender be liable for any interest on any amount so deposited, and any amount so deposited may be held and commingled with Lender’s own funds. If an Event of Default exists, Lender may apply such funds to the payment of any Property Impositions or the payment of any Secured Obligations in such order as Lender shall elect or retain the same as collateral for the Secured Obligations, in its sole discretion.

Deposit for Taxes. On the Closing Date, Borrowers shall deposit with Lender an amount equal to 1/12th of the amount that Lender reasonably estimates will be required to make the next annual payment of Property Impositions, with respect to each Property, multiplied by the number of whole or partial months that have elapsed since the date one month prior to the most recent due date for such Property Impositions. Following the Closing Date, on each Payment Date, Borrowers shall deposit with Lender an amount equal to 1/12th of the amount that Lender reasonably estimates will be required to pay the next annual payment of Property Impositions referred to in this Section with respect to each Property. The purpose of these provisions is to provide Lender with sufficient funds on hand for Lender or Servicer to pay all such Property Impositions charges thirty (30) days before the date on which they become past due. If Lender determines that the funds escrowed hereunder are, or will be, insufficient to pay such Property Impositions, Borrowers shall pay such additional sums as Lender shall reasonably determine necessary and shall pay any increased monthly charges reasonably requested by Lender. Provided that no Event of Default exists and is continuing, Lender shall apply the amounts so deposited to the payment of such Property Impositions when due, but in no event will Lender be liable for any interest on any amount so deposited, and any amount so deposited may be held and commingled with Lender’s own funds. If an Event of Default exists, Lender may apply such funds to the payment of any Property Impositions or the payment of any Secured Obligations, the Second Mortgage Secured Obligations, the Third Mortgage Secured Obligations and the Pledge and Security Agreement Obligations in such order as Lender shall elect or retain the same as collateral for the Secured Obligations, the Second Mortgage Secured Obligations, the Third Mortgage Secured Obligations and the Pledge and Security Agreement Obligations, in its sole discretion.

Deposit for Taxes. On Upon the Closing Dateoccurrence of and during a monetary Event of Default that remains uncured or a failure to pay taxes, Borrowers after applicable cure periods and at Lender’s option and election, Borrower shall deposit with Lender an amount equal to 1/12th of the amount that which Lender reasonably estimates will be required to make the next annual payment of Property Impositions, with respect to each Property, multiplied by the number of whole or and partial months that which have elapsed since in the date one month prior to current year. After such election, with each monthly payment under the most recent due date for such Property Impositions. Following the Closing DateNote, on each Payment Date, Borrowers shall Borrower will deposit with Lender an amount equal to 1/12th of the amount that which Lender reasonably estimates will be required to pay the next annual required installment or payment of Property Impositions referred to in this Section with respect to each PropertyImpositions. The purpose of these provisions is to provide Lender with sufficient funds on hand for Lender or Servicer to pay all such Property Impositions Imposition charges thirty (30) days before the date on which they become past due. If Lender determines that the funds escrowed Provided no default exists hereunder are, or will be, insufficient to pay such Property Impositions, Borrowers shall pay such additional sums as Lender shall reasonably determine necessary and shall pay under any increased monthly charges reasonably requested by Lender. Provided that no Event of Default exists and is continuingLoan Document, Lender shall will apply the amounts so deposited to the payment of such Property Impositions Imposition when due, but in no event will Lender be liable for any interest on any amount so deposited, and any amount the money so deposited received may be held and commingled with Lender’s own funds. If an Event of Default exists, Lender may apply such the funds so deposited are insufficient to pay the payment of Impositions for any Property Impositions or the payment of any Secured Obligations in such order as Lender shall elect or retain year when the same shall become due and payable, the Borrower shall, within ten (10) days after receipt of written demand therefor, deposit such additional funds as collateral for the Secured Obligations, may be necessary to pay such Impositions in its sole discretionfull.

Deposit for Taxes. On Upon demand made by Beneficiary following the Closing Date, Borrowers occurrence of a Default or an Event of Default. Trustor shall deposit with Lender Beneficiary an amount equal to 1/12th l/12th of the amount that Lender reasonably which Beneficiary estimates will be required to make the next annual payment of Property Impositionstaxes, with respect assessments, and similar governmental charges referred to each Propertyin this Section, multiplied by the number of whole or partial months that have elapsed since the date one month prior to the most recent due date for such Property Impositionstaxes, assessments and similar governmental charges. Following Thereafter, with each monthly payment under the Closing DateNote, on each Payment Date, Borrowers Trustor shall deposit with Lender Beneficiary an amount equal to 1/12th l/12th of the amount that Lender reasonably which Beneficiary estimates will be required to pay the next annual payment of Property Impositions taxes, assessments, and similar governmental charges referred to in this Section with respect to each PropertySection. The purpose of these provisions is to provide Lender Beneficiary with sufficient funds on hand for Lender or Servicer to pay all such Property Impositions taxes, assessments, and other governmental charges thirty (30) days before the date on which they become past due. If Lender the Beneficiary, in its sole discretion, determines that the funds escrowed hereunder are, or will be, insufficient to pay such Property Impositionsinsufficient, Borrowers Trustor shall upon demand pay such additional sums as Lender Beneficiary shall reasonably determine necessary and shall pay any increased monthly charges reasonably requested by LenderBeneficiary. Provided that no Default or Event of Default exists and is continuinghereunder, Lender shall Beneficiary will apply the amounts so deposited to the payment of such Property Impositions taxes, assessments, and other charges when due, but in no event will Lender Beneficiary be liable for any interest on any amount so deposited, and any amount so deposited may be held and commingled with LenderBeneficiary’s own funds. If an Event of Default exists, Lender may apply such funds to the payment of any Property Impositions or the payment of any Secured Obligations in such order as Lender shall elect or retain the same as collateral for the Secured Obligations, in its sole discretion.

Deposit for Taxes. On or before the Closing Datedate hereof, Borrowers Trustor shall deposit with Lender Beneficiary an amount equal to 1/12th of the amount that Lender reasonably which Beneficiary estimates will be required to make the next annual payment of Property Impositionstaxes, with respect assessments, and similar governmental charges referred to each Propertyin this Section (collectively, the “Tax Reserves”), multiplied by the number of whole or partial months that have elapsed since the date one month prior to the most recent due date for such Property Impositionstaxes, assessments and similar governmental charges. Following Thereafter, with each monthly payment under the Closing DateNote, on each Payment Date, Borrowers Trustor shall deposit with Lender Beneficiary an amount equal to 1/12th of the amount that Lender reasonably which Beneficiary estimates will be required to pay the next annual payment of Property Impositions taxes, assessments, and similar governmental charges referred to in this Section with respect to each PropertySection. The purpose of these provisions is to provide Lender Beneficiary with sufficient funds on hand for Lender or Servicer to pay all such Property Impositions taxes, assessments, and other governmental charges thirty (30) days before the date on which they become past due. If Lender the Beneficiary, in its sole discretion, determines that the funds escrowed reserved hereunder are, or will be, insufficient to pay such Property Impositionsinsufficient, Borrowers Trustor shall upon demand pay such additional sums as Lender Beneficiary shall reasonably determine necessary and shall pay any increased monthly charges reasonably requested by LenderBeneficiary. Provided that no Event of Default exists and is continuinghereunder, Lender shall Beneficiary will apply the amounts so deposited to the payment of such Property Impositions taxes, assessments, and other charges when due, but in no event will Lender Beneficiary be liable for any interest on any amount so deposited, and any amount so deposited may be held and commingled with LenderBeneficiary’s own funds. If an Notwithstanding anything to the contrary in this Section 4.4(b), the initial Trustor named herein shall only be required to deposit Tax Reserves with Beneficiary following the occurrence and during the continuance of any Event of Default exists, Lender may apply such funds to the payment of any Property Impositions or the payment of any Secured Obligations in such order as Lender shall elect or retain the same as collateral for the Secured Obligations, in its sole discretionDefault.

Deposit for Taxes. On the Closing Date, Borrowers shall deposit with Lender an amount equal to 1/12th of the amount that Lender reasonably estimates will be required to make the next annual payment of Property Impositions, with respect to each Property, multiplied by the number of whole or partial months that have elapsed since the date one month prior to the most recent due date for such Property Impositions. Following the Closing Date, on each Payment Date, Borrowers shall deposit with Lender an amount equal to 1/12th of the amount that Lender reasonably estimates will be required to pay the next annual payment of Property Impositions referred to in this Section with respect to each Property. The purpose of these provisions is to provide Lender with sufficient funds on hand for Lender or Servicer to pay all such Property Impositions charges thirty (30) days before the date on which they become past due. If Lender determines that the funds escrowed hereunder are, or will be, insufficient to pay such Property Impositions, Borrowers shall pay such additional sums as Lender shall reasonably determine necessary and shall pay any increased monthly charges reasonably requested by Lender. Provided that no Event of Default exists and is continuing, Lender shall apply the amounts so deposited to the payment of such Property Impositions when due, but in no event will Lender be liable for any interest on any amount so deposited, and any amount so deposited may be held and commingled with Lender’s own funds. If an Event of Default exists, Lender may apply such funds to the payment of any Property Impositions or the payment of any Secured Obligations in such order as Lender shall elect or retain the same as collateral for the Secured Obligations, in its sole discretion. Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document, Borrower shall not be required to deposit any amounts with Lender in respect of Property Impositions due and payable in respect of the Fieldcrest Property so long as (a) no Event of Default then exists, (b) FedEx is the tenant under the FedEx Lease and remains in possession of the portion of the Fieldcrest Property demised pursuant to the FedEx Lease, (c) the FedEx Lease requires FedEx to pay all Property Impositions in respect of the Fieldcrest Property directly to the applicable municipality and FedEx has paid such Property Impositions and (d) Borrower has delivered to Lender an official receipt evidencing each payment of such Property Imposition by FedEx pursuant to Section 5.1.2(A) above.

Deposit for Taxes. On or before the Closing Datedate hereof, Borrowers Borrower shall deposit with Lender an amount equal to 1/12th of the amount that which Lender reasonably estimates will be required to make the next annual payment of Property Impositionstaxes, with respect assessments, and similar governmental charges referred to each Propertyin this Section, multiplied by the number of whole or partial months that have elapsed since the date one month prior to the most recent due date for such Property Impositionstaxes, assessments and similar governmental charges. Following Thereafter, with each monthly payment under the Closing DateNote, on each Payment Date, Borrowers Borrower shall deposit with Lender an amount equal to 1/12th of the amount that which Lender reasonably estimates will be required to pay the next annual payment of Property Impositions taxes, assessments, and similar governmental charges referred to in this Section with respect to each PropertySection. The purpose of these provisions is to provide Lender with sufficient funds on hand for Lender or Servicer to pay all such Property Impositions taxes, assessments, and other governmental charges thirty (30) days before the date on which they become past due. If Lender Lender, in its sole but reasonable discretion, determines that the funds escrowed impounded hereunder are, or will be, insufficient to pay such Property Impositionsinsufficient, Borrowers Borrower shall within ten (10) days of demand pay such additional sums as Lender shall reasonably determine necessary and shall pay any increased monthly charges reasonably requested by Lender. Provided that no Event of Default exists and is continuinghereunder, Lender shall will apply the amounts so deposited to the payment of such Property Impositions taxes, assessments, and other charges when due, but in no event will Lender be liable for any interest on any amount so deposited, and any amount so deposited may be held and commingled with Lender’s own funds. If an Event of Default exists, Lender may apply such funds to the payment of any Property Impositions or the payment of any Secured Obligations in such order as Lender shall elect or retain the same as collateral for the Secured Obligations, in its sole discretion.

Deposit for Taxes. On the Closing Date, for each Property, Borrowers shall deposit with Lender an amount equal to 1/12th of the amount that Lender reasonably estimates will be required to make the next annual payment of Property Impositions, Impositions with respect to each such Property, multiplied by the number of whole or partial months that have elapsed since the date one (1) month prior to the most recent due date for such Property Impositions. Following the Closing DateThereafter, on each Payment Date, Borrowers shall deposit with Lender an amount equal to 1/12th of the amount that Lender reasonably estimates will be required to pay make the next annual payment of Property Impositions referred to in this Section Impositions, with respect to each Property. The purpose of these provisions is to provide Lender with sufficient funds on hand for Lender or Servicer to pay all such Property Impositions charges thirty (30) days before the date on which they such Property Impositions become past due. If Lender determines that the funds escrowed hereunder are, or will be, insufficient to pay such Property Impositions, Borrowers shall shall, within five (5) days following Borrowers’ receipt of written demand, pay such additional sums as Lender shall reasonably determine necessary and shall pay any increased monthly charges reasonably requested by Lender. Provided that no Event of Default exists and is continuing, Lender shall apply the amounts so deposited to the payment of such Property Impositions when due, but in no event will Lender be liable for any interest on any amount so deposited, and any amount so deposited may be held and commingled with Lender’s own funds. If an Event of Default exists, Lender may apply such funds to the payment of any Property Impositions or the payment of any Secured Obligations in such order as Lender shall elect or retain the same as collateral for the Secured Obligations, in its sole discretion.