Common use of DEPOSITS FOR TAXES AND INSURANCE Clause in Contracts

DEPOSITS FOR TAXES AND INSURANCE. Mortgagee may require Mortgagor to deposit with Mortgagee, commencing 10 days following such request and on the first day of each month thereafter, a sum equal to the amount of all insurance premiums next due in respect of the insurance policies required to be maintained under the Credit Agreement and the Related Documents and all general and special real estate taxes and assessments next due upon or for the Mortgaged Property (the amount of such insurance premiums, taxes and assessments next due to be based upon Mortgagee's reasonable estimate, but shall include all taxes or assessments not levied, charged, assessed or imposed separately upon the Mortgaged Property), reduced by the amount, if any, then on deposit with Mortgagee for such purpose, divided by the number of months to elapse before one month prior to the date when such insurance premiums, taxes and assessments will become due and payable. If such Deposits are insufficient to pay any such insurance premiums, taxes or assessments when the same become due and payable, Mortgagor, within 10 days after receipt of demand therefor from Mortgagee, shall deposit such additional funds as may be necessary to pay such insurance premiums in full. If such Deposits exceed the amount required to pay such insurance premiums, taxes or assessments for any year, the excess shall be credited against the next succeeding deposit or deposits to be made by Mortgagor. Such Deposits need not be kept separate and apart from any other funds of Mortgagee, shall be held without any allowance of interest to Mortgagor and shall be used for the payment of insurance premiums, taxes and assessments on the Mortgaged Property next due and payable when they become due; provided that Mortgagee shall not be liable for any failure to apply such Deposits to the payment of such insurance premiums, taxes and assessments unless Mortgagee shall have received from Mortgagor a request for payment accompanied by the bills for such insurance premiums, taxes and assessments not less than thirty days prior to the date due.

DEPOSITS FOR TAXES AND INSURANCE. Mortgagee Beneficiary may require Mortgagor -------------------------------- Trustor to deposit with MortgageeBeneficiary, commencing 10 days following such request and on the first day of each month thereafter, a sum equal to the amount of all insurance premiums next due in respect of the insurance policies required to be maintained under the Credit Agreement and the Related Documents and all general and special real estate taxes and assessments next due upon or for the Mortgaged Trust Property (the amount of such insurance premiums, taxes and assessments next due to be based upon MortgageeBeneficiary's reasonable estimate, but shall include all taxes or assessments not levied, charged, assessed or imposed separately upon the Mortgaged Trust Property), reduced by the amount, if any, then on deposit with Mortgagee Beneficiary for such purpose, divided by the number of months to elapse before one month prior to the date when such insurance premiums, taxes and assessments will become due and payable. If such Deposits are insufficient to pay any such insurance premiums, taxes or assessments when the same become due and payable, MortgagorTrustor, within 10 days after receipt of demand therefor from MortgageeBeneficiary, shall deposit such additional funds as may be necessary to pay such insurance premiums in full. If such Deposits exceed the amount required to pay such insurance premiums, taxes or assessments for any year, the excess shall be credited against the next succeeding deposit or deposits to be made by MortgagorTrustor. Such Deposits need not be kept separate and apart from any other funds of MortgageeBeneficiary, shall be held without any allowance of interest to Mortgagor Trustor and shall be used for the payment of insurance premiums, taxes and assessments on the Mortgaged Trust Property next due and payable when they become due; provided that Mortgagee Beneficiary shall not be liable for any failure to apply such Deposits to the payment of such insurance premiums, taxes and assessments unless Mortgagee Beneficiary shall have received from Mortgagor Trustor a request for payment accompanied by the bills for such insurance premiums, taxes and assessments not less than thirty days prior to the date due.

DEPOSITS FOR TAXES AND INSURANCE. Mortgagee may PREMIUMS-. MORTGAGEE may, at its option, require Mortgagor MORTGAGOR to deposit with Mortgagee, commencing 10 days following such request and MORTGAGEE on the first day of each month thereaftermonth, a sum in addition to making payments of regular investments of principal and interest, until the Note is fully paid, an amount equal to one- twelfth (1/1 2) of the amount yearly taxes, assessments and other similar charges and/or of the yearly premiums for all insurance premiums next due as estimated by MORTGAGEE in respect of the insurance policies required order to be maintained under the Credit Agreement and the Related Documents and all general and special real estate taxes and assessments next due upon or for the Mortgaged Property (the amount of such insurance premiums, taxes and assessments next due to be based upon Mortgagee's reasonable estimate, but shall include all taxes or assessments not levied, charged, assessed or imposed separately upon the Mortgaged Property), reduced by the amount, if any, then on deposit accumulate with Mortgagee for such purpose, divided by the number of months to elapse before one month prior to the date when such insurance premiums, taxes and assessments will become due and payable. If such Deposits are insufficient to pay any such insurance premiums, taxes or assessments when the same become due and payable, Mortgagor, within 10 days after receipt of demand therefor from Mortgagee, shall deposit such additional MORTGAGEE sufficient funds as may be necessary to pay such insurance premiums amounts thirty (30) days prior to their due dates. Such deposits shall not be, nor be deemed to be, trust funds, but may be commingled with the general funds of MORTGAGEE, and no interest shall be payable in fullrespect thereof. If Upon demand by MORTGAGEE, MORTGAGOR shall deliver to MORTGAGEE such Deposits exceed additional monies as are necessary to make up any deficiencies in the amount required amounts necessary to enable MORTGAGEE to pay such premiums when due. In the event of a default under any of the terms, covenants and conditions' in the Note, this Mortgage or any of the other Loan Documents, MORTGAGEE may apply to the reduction of the sums secured hereby in such order, priority and proportions as MORTGAGEE shall determine in its sole and absolute discretion, any amount under this paragraph remaining on account of such deposits and any return premium received from cancellation of any insurance premiumspolicy by MORTGAGEE upon foreclosure of this Mortgage. Upon an assignment of this Mortgage by MORTGAGEE and upon assumption by the assignee thereof, taxes of the obligations of MORTGAGEE as escrow holder, MORTGAGEE shall have the right to pay over the balance of such deposits in its possession to the assignee. MORTGAGEE shall thereupon be completely released from all liability with respect to such deposits, and BORROWERS shall look solely to the assignee or assessments for any yeartransferee with respect thereto, the excess except as otherwise provided by applicable law. This provision shall be credited against the next succeeding deposit or apply to every transfer of such deposits to be made by Mortgagor. Such Deposits need not be kept separate and apart from any other funds of Mortgagee, shall be held without any allowance of interest to Mortgagor and shall be used for the payment of insurance premiums, taxes and assessments on the Mortgaged Property next due and payable when they become due; provided that Mortgagee shall not be liable for any failure to apply such Deposits to the payment of such insurance premiums, taxes and assessments unless Mortgagee shall have received from Mortgagor a request for payment accompanied by the bills for such insurance premiums, taxes and assessments not less than thirty days prior to the date duenew assignee.

DEPOSITS FOR TAXES AND INSURANCE. Mortgagee may require -------------------------------- Mortgagor to deposit with Mortgagee, commencing 10 days following such request and on the first day of each month thereafter, a sum equal to the amount of all insurance premiums next due in respect of the insurance policies required to be maintained under the Credit Agreement and the Related Documents and all general and special real estate taxes and assessments next due upon or for the Mortgaged Property (the amount of such insurance premiums, taxes and assessments next due to be based upon Mortgagee's reasonable estimate, but shall include all taxes or assessments not levied, charged, assessed or imposed separately upon the Mortgaged Property), reduced by the amount, if any, then on deposit with Mortgagee for such purpose, divided by the number of months to elapse before one month prior to the date when such insurance premiums, taxes and assessments will become due and payable. If such Deposits are insufficient to pay any such insurance premiums, taxes or assessments when the same become due and payable, Mortgagor, within 10 days after receipt of demand therefor from Mortgagee, shall deposit such additional funds as may be necessary to pay such insurance premiums in full. If such Deposits exceed the amount required to pay such insurance premiums, taxes or assessments for any year, the excess shall be credited against the next succeeding deposit or deposits to be made by Mortgagor. Such Deposits need not be kept separate and apart from any other funds of Mortgagee, shall be held without any allowance of interest to Mortgagor and shall be used for the payment of insurance premiums, taxes and assessments on the Mortgaged Property next due and payable when they become due; provided that Mortgagee shall not be liable for any failure to apply such Deposits to the payment of such insurance premiums, taxes and assessments unless Mortgagee shall have received from Mortgagor a request for payment accompanied by the bills for such insurance premiums, taxes and assessments not less than thirty days prior daysprior to the date due.