Common use of Escrow for Taxes Clause in Contracts

Escrow for Taxes. If required by Landlord’s mortgagee at any time after a default by Tenant in the payment of base rental, taxes or any other monetary obligation under this Lease, Tenant thereafter shall pay all Taxes accruing during the term hereof to Landlord in monthly installments on or before the first day of each calendar month, in advance, in an amount estimated by Landlord’s mortgagee. Upon receipt of all statements for Taxes due for a calendar year, Landlord shall submit to Tenant a written statement of the actual amount of the Taxes for such year and the amount, if any, then paid by Tenant. If the total amount paid by Tenant under this Section 6.1 for any year shall be more or less than the actual amount due from Tenant for such year, as shown in such statement, either Tenant shall pay to Landlord the shortfall within ten days after receipt of the statement or such excess shall be credited against the next installment of Taxes due from Tenant to Landlord hereunder, as the case may be. All amounts due hereunder shall be payable to Landlord at the place where the rental is payable and shall be held in an interest bearing account for the benefit of Tenant with a financial institution designated by Landlord’s mortgagee. A copy of a Tax bxxx submitted by Landlord to Tenant shall at all times be sufficient evidence of the amount of Taxes levied, assessed or imposed against the Premises to which such bxxx relates. Landlord’s and Tenant’s obligations under this Section shall survive the expiration of the term of this Lease. In the event of any default by Tenant hereunder, any such deposits may be used by Landlord to cure the default, but Landlord shall be under no obligation to do so and Tenant shall have no authority to direct Landlord to apply such deposits against any obligation of Tenant hereunder.

Escrow for Taxes. If required by Landlord’s mortgagee at any time after a default by Tenant in the payment of base rental, taxes or any other monetary obligation under this Lease, Tenant thereafter shall pay all Taxes accruing during the term hereof to Landlord in monthly installments on or before the first day of each calendar month, in advance, in an amount estimated by Landlord’s mortgagee. Upon receipt of all statements for Taxes due for a calendar year, Landlord shall submit to Tenant a written statement of the actual amount of the Taxes for such year and the amount, if any, then paid by Tenant. If the total amount paid by Tenant under this Section 6.1 for any year shall be more or less than the actual amount due from Tenant for such year, as shown in such statement, either Tenant shall pay to Landlord the shortfall within ten days after receipt of the statement or such excess shall be credited against the next installment of Taxes due from Tenant to Landlord hereunder, as the case may be. All amounts due hereunder shall be payable to Landlord at the place where the rental is payable and shall be held in an interest bearing account for the benefit of Tenant with a financial institution designated by Landlord’s mortgagee. A copy of a Tax bxxx xxxx submitted by Landlord to Tenant shall at all times be sufficient evidence of the amount of Taxes levied, assessed or imposed against the Premises to which such bxxx xxxx relates. Landlord’s and Tenant’s obligations under this Section shall survive the expiration of the term of this Lease. In the event of any default by Tenant hereunder, any such deposits may be used by Landlord to cure the default, but Landlord shall be under no obligation to do so and Tenant shall have no authority to direct Landlord to apply such deposits against any obligation of Tenant hereunder.

Escrow for Taxes. If required by Landlord’s mortgagee The Lender may require at any time after a default that escrow payments as to taxes and assessments be paid to it by Tenant in the payment of base rentalBorrower, taxes or any other monetary obligation under this Lease, Tenant thereafter shall pay all Taxes accruing during the term hereof to Landlord in monthly installments on or before the first day of each calendar month, in advance, in an amount estimated by Landlord’s mortgagee. Upon receipt of all statements for Taxes due for a calendar year, Landlord shall submit to Tenant a written statement of the actual amount of the Taxes for such year and the amount, if any, then paid by Tenant. If the total amount paid by Tenant under this Section 6.1 for any year shall be more or less than the actual amount due from Tenant for such year, as shown in such statement, either Tenant shall pay to Landlord the shortfall within ten days after receipt of the statement or such excess shall be credited against the next installment of Taxes due from Tenant to Landlord hereunder, as the case may be. All amounts due hereunder shall be payable to Landlord at the place where the rental is payable and shall be held in an interest bearing account for the benefit of Tenant with a financial institution designated by Landlord’s mortgagee. A copy of a Tax bxxx submitted by Landlord to Tenant shall at all times be sufficient evidence of the amount of Taxes levied, assessed or imposed against the Premises to which such bxxx relates. Landlord’s and Tenant’s obligations under this Section shall survive the expiration of the term of this LeaseMortgage. In such event, the Borrower shall pay to Lender, to the extent requested by the Lender, on dates upon which interest is payable or as otherwise directed by the Lender such amounts as Lender from time to time estimates is necessary to create and maintain a reserve fund from which to pay, before the same become due, all taxes and govern- mental assessments relating to the Property and as additional security for the debt secured by this Mortgage. Said payments may be, at the discretion of the Lender, a monthly sum and amount equal to one-twelfth (1/12) of the estimated annual taxes and assessments upon the Property, as the amount thereof is reasonably determined from time to time by Lender. In the event such monthly escrow payments are insufficient to pay for said taxes and assessments when due, Lender may demand of Borrower that the amount of such payments be increased and/or Lender may demand that the difference be paid to it by the Borrower, and Borrower shall immediately comply with such demands. Interest shall be due to Borrower on such deposits. Payments from said reserve fund for said purposes may be made by the Lender at its discretion even though subsequent owners of the Property described herein may benefit thereby. In the event of any default under this Mortgage which is not cured within the curative period set forth herein Lender at its discretion and option may apply all or any part of said reserve fund to the indebtedness hereby secured. In refunding any part of said reserve fund, the Lender may deal with whomsoever is represented to be the owner of the Property at that time. Provided however, at all times during the term of this Mortgage: (i) Borrower shall provide to Lender documentary evidence that all insurances required by Tenant hereunder, any such deposits may be used by Landlord this Mortgage have been prepaid (within fifteen (15) days of the prepayment of the same); and (ii) Lender shall permit Borrower to cure obtain the default, but Landlord shall be under no obligation to do so and Tenant shall have no authority to direct Landlord to apply such deposits against any obligation maximum possible discount for payment of Tenant hereunderthe taxes on the Property.

Escrow for Taxes. If required by Landlord’s mortgagee at any time after a default by Tenant in the payment of base rentalBase Rent, taxes or any other monetary obligation under this Lease, Tenant thereafter shall pay all Taxes accruing during the term hereof to Landlord in monthly installments on or before the first day of each calendar month, in advance, in an amount estimated by Landlord’s mortgagee. Upon receipt of all statements for Taxes due for a calendar year, Landlord shall submit to Tenant a written statement of the actual amount of the Taxes for such year and the amount, if any, then paid by Tenant. If the total amount paid by Tenant under this Section 6.1 Article 1.1 for any year shall be more or less than the actual amount due from Tenant for such year, as shown in such statement, either Tenant shall pay to Landlord the shortfall within ten days after receipt of the statement or such excess shall be credited against the next installment of Taxes due from Tenant to Landlord hereunder, as the case may be. All amounts due hereunder shall be payable to Landlord at the place where the rental is payable and shall be held in an interest bearing account for the benefit of Tenant with a financial institution designated by Landlord’s mortgagee. A copy of a Tax bxxx xxxx submitted by Landlord to Tenant shall at all times be sufficient evidence of the amount of Taxes levied, assessed or imposed against the Premises to which such bxxx xxxx relates. Landlord’s and Tenant’s obligations under this Section shall survive the expiration of the term of this LeaseLease Term. In the event of any default by Tenant hereunder, any such deposits may be used by Landlord to cure the default, but Landlord shall be under no obligation to do so and Tenant shall have no authority to direct Landlord to apply such deposits against any obligation of Tenant hereunder.