Escrow Fund. At the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionally, Borrower shall pay to Lender or its designee on the first day of each calendar month: (a) one twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater), upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in the ordinary course of business (“CAM”). Borrower shall notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes Lender or its designee to obtain the bills for taxes and other charges directly from the appropriate authority. The Escrow Fund and the payments of interest or principal, or both, payable pursuant to the Note, shall be added together and shall be paid as the aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying the Escrow Fund to the payment of such taxes, insurance premiums, and CAM required to be made by Borrower hereunder. If the amount of the Escrow Fund shall not be sufficient to pay the amounts due for taxes, insurance premiums, and CAM herein, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall estimate to make up the deficiency. The Escrow Fund shall constitute a separate fund and shall not be commingled with other monies held by Lender. No interest or earnings shall be payable to Borrower on the Escrow Fund.
Appears in 2 contracts
Sources: Loan Agreement (Blue Dolphin Energy Co), Loan Agreement (Blue Dolphin Energy Co)
Escrow Fund. At In addition to the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxesrespect to Taxes and, premiumsif applicable, and maintenance shall be Insurance Premiums made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held by Lender in Lender’s Escrow Fund. Additionallyescrow, Borrower shall pay to Lender or its designee on the first tenth day of each calendar month: month (a) one twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater), upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay the Taxes payable, or estimated by Lender to be payable, during the next ensuing twelve (12) months and (b) at the option of Lender, if the liability or casualty Policy maintained by Borrower covering the Property shall not constitute a reasonably approved blanket or umbrella Policy pursuant to Subsection 3.3(c) hereof, or Lender shall require Borrower to obtain a separate Policy pursuant to Subsection 3.3(c) hereof, one-twelfth of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the expiration thereof (if greaterthe amounts in (a) and (b) above shall be called the "Escrow Fund"). In the event Lender shall elect to collect payments in escrow for Insurance Premiums, all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs Borrower shall pay to Lender an initial deposit to be maintained determined by Lender, in its reasonable discretion, to increase the amounts in the ordinary course of business (“CAM”)Escrow Fund to an amount which, together with anticipated monthly escrow payments, shall be sufficient to pay all Insurance Premiums and Taxes as they become due. Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, any Taxes and CAM Insurance Premiums of which it has obtained or obtains knowledge and expressly authorizes Lender or its designee agent to obtain the bills for taxes and other charges Taxes directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying will apply the Escrow Fund to the payment payments of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunderpursuant to Sections 3.3 and 3.4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 3.3 and 3.4 hereof, Lender shall, in its discretion, return any excess to Borrower or credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, Lender may deal with the person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, items set forth in (a) and CAM herein(b) above, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall estimate as sufficient to make up the deficiency. The Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by Lender. No earnings or interest or earnings on the Escrow Fund shall be payable to Borrower on the Escrow FundBorrower.
Appears in 2 contracts
Sources: Open End Mortgage and Security Agreement (Associated Estates Realty Corp), Open End Mortgage and Security Agreement (Associated Estates Realty Corp)
Escrow Fund. At the option of Lender, Lender may require Borrower to shall establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the a fund (“Escrow Fund”) sufficient to pay and discharge, with respect to the Property, all taxes, assessments, non-metered water and sewer charges, frontage charges, flood insurance (if Land is located in a federal special flood hazard area), hazard, liability and other property insurance premiums (at the option of Lender), municipal charges, governmental impositions and other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Land (“Real Property Taxes”). Initial deposits for taxes, premiums, and maintenance of Real Property Taxes shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fundhereof. Additionally, Borrower shall pay to Lender or its designee on the first day of each calendar month: month occurring after the date hereof one-twelfth (a1/12) one twelfth of an amount which would be sufficient to pay the taxes Real Property Taxes payable, or estimated by Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority authority(ies) during the next ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in the ordinary course of business (“CAM”). Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, and CAM any Real Property Taxes of which it Borrower has obtained knowledge and expressly authorizes Lender or its designee agent to obtain the bills for taxes and other charges Real Property Taxes directly from the appropriate tax authority. The Escrow Fund and the payments of interest or principal, or both, payable pursuant to the Note, shall be added together and shall be paid as the aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM Real Property Taxes as they become due on their respective due dates on behalf of Borrower by applying amounts in the Escrow Fund to the payment payments of such taxes, insurance premiums, and CAM required to be made by Borrower hereunderReal Property Taxes. If the amount of the Escrow Fund shall exceeds the amounts due for Real Property Taxes, Lender may, in its discretion, return any excess to Borrower or credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, and CAM hereinitems set forth above, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall reasonably estimate as sufficient to make up the such deficiency. The Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by Lender. No Unless required by applicable Law, no earnings or interest or earnings on the Escrow Fund shall be payable to Borrower or any other Person. In the events that (a) water and/or sewer charges are assessed against the Property on a metered basis and (b) the Borrower fails to timely pay such charges to the applicable Governmental Authority, the Lender (y) shall be entitled (but not required) to pay same and/or (z) may require the Borrower to pay to the Lender a sum of money equal to 150% of the amount of such charges (annualized), as determined by Lender on the Escrow Fundbasis of examination of historical records, current estimated usage or such other data available to Lender, and the Borrower shall immediately pay such sum to the Lender upon demand which funds shall be held by Lender in a non-interest bearing account or may be comingled with its general funds and may be used by Lender to pay such outstanding charges, held as additional collateral or applied in reduction of any amounts due and owing to the Lender.
Appears in 2 contracts
Sources: Mortgage, Assignment of Leases and Rents and Security Agreement (Clipper Realty Inc.), Consolidation, Modification, Extension and Spreader Agreement (Clipper Realty Inc.)
Escrow Fund. At the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined belowa) sufficient to discharge its obligations for the payment of taxes, insurance premiums, If a Triggering Event shall have occurred and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionallycontinuing, Borrower shall pay to Lender or its designee Administrative Agent on the first day of each calendar month: Payment Date (a) one twelfth of an amount which would be sufficient to pay the taxes Property Taxes payable, or reasonably estimated by Lender Administrative Agent to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the next ensuing twelve (12) months; months and (b) one-if the liability or casualty policies of insurance maintained by Borrower covering the Property shall not constitute an approved blanket or umbrella Policy pursuant to Section 5.1 hereof, one twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies of the insurance required pursuant to Section 5.1 hereof upon the expiration thereof; thereof (the amounts in (a) and (cb) one-twelfth of an amount which would above shall be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in called the ordinary course of business (“CAMEscrow Fund”). During any time the foregoing sentence shall be in effect, Borrower shall agrees to notify Lender immediately Administrative Agent promptly of any changes to the amounts, schedules and instructions for payment of taxes, any Property Taxes and insurance premiums, and CAM premiums of which it has obtained knowledge (to the extent such premiums are required to be escrowed hereunder) and expressly authorizes Lender Administrative Agent or its designee agent to obtain the bills for taxes and other charges Property Taxes directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Section 2.6(a) shall be added together and shall be paid as the an aggregate sum by Borrower to LenderAdministrative Agent. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying Administrative Agent will apply the Escrow Fund to payments of Property Taxes and insurance premiums (to the payment of extent such taxes, insurance premiums, and CAM premiums are required to be escrowed hereunder) required to be made by Borrower hereunderpursuant to Sections 9.14 and 5.1 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Property Taxes and insurance premiums pursuant to Sections 9.14 and 5.1 hereof, Administrative Agent shall, at Borrower’s election, credit such excess against future payments to be made to the Escrow Fund or deposit such excess funds into the Sweep Account. In allocating such excess, Administrative Agent may deal with the person shown on the records of Administrative Agent to be the owner of the Property. If at any time prior to a Triggering Event Termination Administrative Agent reasonably determines that the Escrow Fund together with the amounts required to be paid by Borrower pursuant to the first sentence of this Section 9.15 is not be sufficient to pay the amounts due for taxesitems set forth in (a) and (b) above, insurance premiums, and CAM herein, to the extent funds in the Sweep Account are insufficient Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to LenderAdministrative Agent, upon demand, an amount which Lender Administrative Agent shall estimate as sufficient to make up the deficiencydeficiency (such amount, an “Escrow Fund Deficiency Amount”). The Escrow Fund shall not constitute a trust fund. Upon an Extended Triggering Event Termination, Administrative Agent shall disburse all sums in the Escrow Fund to an account designated by Borrower in writing and any obligation to make any payment under this Section 9.15 shall terminate, subject to such obligations again arising if a subsequent Triggering Event shall have occurred and be continuing. The Escrow Fund shall be a separate fund interest bearing account, which account shall provide for interest at then prevailing market rates and all interest thereon shall be for the benefit of Borrower and shall be added to and remain in the Escrow Fund; provided, however, that nothing herein shall require that interest be earned at the highest prevailing rates.
(b) Borrower shall have the right to deliver a Letter of Credit in lieu of making payments to the Escrow Fund subject to the following terms and conditions: the aggregate amount of any such Letter of Credit deposited with respect to the Escrow Fund shall at all times be at least equal to the aggregate amount that Borrower would be required to deposit in the Escrow Fund over the next twelve (12) month period; in the event that a Letter of Credit is delivered in lieu of any portion of the Escrow Fund, Borrower shall be responsible for the payment of Property Taxes, and Lenders shall not be commingled with other monies held by Lender. No interest or earnings responsible therefor; and each Letter of Credit delivered under this Section shall be additional security for the payment of the Loan and all sums payable with respect to Borrower on the Escrow FundLoan under this Agreement and the other Loan Documents. Any amounts invested pursuant to this Section 9.15 shall be invested solely in Permitted Investments.
Appears in 2 contracts
Sources: Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.), Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.)
Escrow Fund. At any time after an Event of Default (as defined in the option of LenderLease) has occurred, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionallyor if a Credit Rating Downgrade has occurred, Borrower shall must pay or must cause Tenant to pay to Lender or its designee on the first day of each calendar month: (a) one twelfth of an amount which would be sufficient Tax and Insurance Reserve Fund Payment due under the Lease. In addition, during any period that Borrower is required to maintain Policies pursuant to Section 4.01 hereof, Borrower will also pay monthly to Lender, for deposit into the taxes payableEscrow Fund, or estimated by Lender to be payable (if greater), upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay or estimated by the Insurance Premiums due on such Policies. Borrower pledges to Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, any and all other property which needs to be maintained in the ordinary course of business (“CAM”). Borrower shall notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes Lender monies now or its designee to obtain the bills for taxes and other charges directly from the appropriate authority. The Escrow Fund and the payments of interest or principal, or both, payable pursuant to the Note, shall be added together and shall be paid as the aggregate sum by Borrower to Lender. Provided there are sufficient amounts hereafter deposited in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated as additional security to pay on behalf the Debt subject to Tenant's right to such monies, if any, as set forth in subparagraph 13(e) of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying Lease. Lender will apply the Escrow Fund to the payment of such taxes, insurance premiums, pay Taxes and CAM Insurance Premiums required to be made by Borrower hereunderpaid pursuant to Sections 4.01 and 4.02 hereof. If the amount of the Escrow Fund shall not be sufficient to pay exceeds the amounts due for taxesTaxes and Insurance Premiums pursuant to Sections 4.01 and 4.02 hereof, insurance premiumsLender will either return any excess to Borrower or credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the Mortgaged Property. If the Escrow Fund is not sufficient, in Lender's judgment, to pay when due the Taxes and CAM hereinInsurance Premiums, Borrower shall must promptly (but in no event later than three (3) Business Days after demand by Lender) pay, or must cause Tenant to pay promptly, to Lender, upon demand, an amount which Lender shall estimate as sufficient to make up the deficiency. Subject to Tenant's rights set forth in subparagraph 13(e) of the Lease, if an Event of Default exists, Lender may apply any sums then on deposit in the Escrow Fund to pay the following items in any order in its sole discretion:
(i) Taxes and Impositions and Insurance Premiums;
(ii) Interest on the unpaid principal balance of the Note;
(iii) Amortization of the unpaid principal balance of the Note; or
(iv) All other sums payable pursuant to the Loan Documents, including, Protective Advances made by Lender. Until expended or applied as above provided, any amounts in the Escrow Fund will constitute additional security for the Debt. The Escrow Fund shall will not constitute a separate trust fund and shall not may be commingled with other monies held by Lender. No earnings or interest or earnings shall be payable to Borrower on the Escrow FundFund will be payable or credited to Borrower, except in the case of a Credit Rating Downgrade interest shall be disbursed according to the terms of the Lease.
Appears in 2 contracts
Sources: Loan Agreement (Maxxam Inc), Loan Agreement (Maxxam Group Holdings Inc)
Escrow Fund. At the option of LenderLender after Borrower has failed to timely pay Insurance Premiums, Taxes or Other Charges, Borrower shall establish with Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its Borrower's obligations for the payment of taxesInsurance Premiums, insurance premiums, Taxes and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”)Other Charges pursuant to Sections 3.1 and 3.2 hereof. Initial deposits for taxesof Taxes, premiumsInsurance Premiums and Other Charges, and maintenance plus a two month reserve of each, shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held by Lender in Lender’s Escrow Fundescrow. Additionally, Borrower shall pay to Lender or its designee on the first day of each calendar month: month (a) one one-twelfth of an amount which would be sufficient to pay the taxes Taxes and Other Charges payable, or estimated by Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the next ensuing twelve (12) months; months and (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums Insurance Premiums due for the renewal of the coverage afforded by the policies Policies upon the expiration thereof; thereof (the initial deposits together with the amount in (a) and (cb) one-twelfth of an amount which would above shall be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in called the ordinary course of business (“CAM”"Escrow Fund"). Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxesany Taxes, insurance premiums, Insurance Premiums and CAM Other Charges of which it has obtained or obtains knowledge of and expressly authorizes Lender or its designee agent to obtain the bills for taxes and other charges Taxes directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxesTaxes, insurance premiums Insurance Premiums and CAM Other Charges as they become due on their respective due dates on behalf of Borrower by applying the Escrow Fund to the payment of such taxesTaxes, insurance premiums, Insurance Premiums and CAM Other Charges required to be made by Borrower hereunder. If the amount of the Escrow Fund shall not be sufficient pursuant to pay the amounts due for taxes, insurance premiums, Sections 3.1 and CAM herein, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall estimate to make up the deficiency. The Escrow Fund shall constitute a separate fund and shall not be commingled with other monies held by Lender. No interest or earnings shall be payable to Borrower on the Escrow Fund.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Global Geophysical Services Inc)
Escrow Fund. At In addition to the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, respect to Taxes and maintenance shall be Insurance Premiums made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held by Lender in Lender’s Escrow Fund. Additionallyescrow, Borrower shall pay to Lender or its designee on the first day of each calendar month: month (a) one one-twelfth of an amount which would be sufficient to pay the taxes Taxes payable, or estimated by Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the next ensuing twelve (12) months; months and (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums Insurance Premiums due for the renewal of the coverage afforded by the policies Policies upon the expiration thereof; thereof (the amounts in (a) and (cb) one-twelfth of an amount which would above shall be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in called the ordinary course of business (“CAM”"Escrow Fund"). Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, any Taxes and CAM Insurance Premiums of which it has obtained or obtains knowledge and expressly authorizes Lender or its designee agent to obtain the bills for taxes and other charges Taxes directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums Taxes and CAM Insurance Premiums as they become due on their respective due dates on behalf of Borrower by applying the Escrow Fund to the payment payments of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunderpursuant to Sections 3.3 and 3.4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 3.3 and 3.4 hereof, Lender shall, in its discretion, return any excess to Borrower or credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, Lender may deal with the person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, items set forth in (a) and CAM herein(b) above, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall reasonably estimate as sufficient to make up the deficiency. The Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by Lender. No Unless otherwise. required by Applicable Laws (defined in Section 3.11), no earnings or interest or earnings on the Escrow Fund shall be payable to Borrower. Notwithstanding the foregoing, so long as (i) no Event of Default has occurred and is continuing, (ii) Fleming or an Acceptable Replacement Tenant is not in default under ▇▇▇ ▇▇▇ms of the Fleming Lease or an Acceptable Replacement Lease, as applicable, bey▇▇▇ ▇▇▇ applicable notice and cure periods set forth therein, and (iii) Fleming or an Acceptable Replacement Tenant is paying the Taxes purs▇▇▇▇ ▇▇ the terms of Section 3.4 hereof and Insurance Premiums in accordance with the terms of the last sentence of Section 3.3(b) hereof, directly pursuant to the terms hereof, and such Taxes are current, then Borrower on shall not be required to make monthly payments into the Escrow Fund.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Corporate Property Associates 15 Inc)
Escrow Fund. At (a) In addition to the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, respect to Taxes and maintenance shall be Insurance Premiums made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held by Lender in Lender’s Escrow Fund. Additionallyescrow, Borrower shall pay to Lender or its designee on the first day of each calendar month: month (a) one one-twelfth of an amount which would be sufficient to pay the taxes Taxes payable, or estimated by Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the next ensuing twelve (12) months; months and (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums Insurance Premiums due for the renewal of the coverage afforded by the policies Policies upon the expiration thereof; thereof (the amounts in (a) and (cb) one-twelfth of an amount which would above shall be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in called the ordinary course of business (“CAMEscrow Fund”). Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, any Taxes and CAM Insurance Premiums of which it has obtained or obtains knowledge and expressly authorizes Lender or its designee agent to obtain the bills for taxes and other charges Taxes directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums Taxes and CAM Insurance Premiums as they become due on their respective due dates on behalf of Borrower by applying the Escrow Fund to the payment payments of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunderpursuant to Sections 3.3 and 3.4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 3.3 and 3.4 hereof, Lender shall, in its discretion, return any excess to Borrower or credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, Lender may deal with the person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, items set forth in (a) and CAM herein(b) above, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall reasonably estimate as sufficient to make up the deficiency. The Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by Lender. No Unless otherwise required by Applicable Laws (defined in Section 3.11), no earnings or interest or earnings on the Escrow Fund shall be payable to Borrower on the Escrow FundBorrower.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Resource Real Estate Opportunity REIT, Inc.)
Escrow Fund. At In addition to the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, respect to Taxes and maintenance shall be Insurance Premiums made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held by Lender in Lender’s Escrow Fund. Additionallyescrow, Borrower shall pay to Lender or its designee on the first day of each calendar month: month (a) one one-twelfth of an amount which would be sufficient to pay the taxes Taxes payable, or estimated by Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the next ensuing twelve (12) months; months and (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums Insurance Premiums due for the renewal of the coverage afforded by the policies Policies upon the expiration thereof; thereof (the amounts in (a) and (cb) one-twelfth of an amount which would above shall be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in called the ordinary course of business (“CAMEscrow Fund”). Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, any Taxes and CAM Insurance Premiums of which it has obtained or obtains knowledge and expressly authorizes Lender or its designee agent to obtain the bills for taxes and other charges Taxes directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums Taxes and CAM Insurance Premiums as they become due on their respective due dates on behalf of Borrower by applying the Escrow Fund to the payment payments of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunderpursuant to Sections 3.3 and 3.4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 3.3 and 3.4 hereof, Lender shall, in its discretion, return any excess to Borrower or credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, Lender may deal with the person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, items set forth in (a) and CAM herein(b) above, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall reasonably estimate as sufficient to make up the deficiency. The Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by Lender. No Unless otherwise required by Applicable Laws (defined in Section 3.11), no earnings or interest or earnings on the Escrow Fund shall be payable to Borrower on the Escrow Fund.to
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Innovative Micro Technology Inc)
Escrow Fund. At the option of the Lender, the Lender may require the Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trustpursuant to this Agreement. (The initial deposits together with the amounts set forth in this subsection in
(a) (b), and (c) below shall be called the (“"Escrow Fund”"). Initial deposits for taxes, premiums, and maintenance shall be made by the Borrower to the Lender in amounts determined by the Lender in its sole and exclusive discretion on the date hereof to be held in the Lender’s 's Escrow Fund. Additionally, the Borrower shall pay to the Lender or its designee on the first day of each calendar month: (a) one one-twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by the Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of buildingbuildings, grounds, equipment, and all other property which needs to be maintained in the ordinary course of business (“"CAM”"). The Borrower shall agrees to notify the Lender immediately of any changes to the amounts, schedules schedules, and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes authorized the Lender or its designee agent to obtain the bills for taxes and other charges directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, or both, payable pursuant to the Note, shall be added together together; and shall be paid as the aggregate sum by the Borrower to the Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, the Lender shall be obligated to pay on behalf of the Borrower the taxes, insurance premiums premiums, and CAM as they become due on their respective due dates by applying the Escrow Fund to the payment payments of such taxes, insurance premiums, and CAM required to be made by the Borrower hereunderpursuant to this Agreement. If the amount of the Escrow Fund shall not be sufficient to pay exceed the amounts due for taxes, insurance premiumsinsurance, and CAM hereinpursuant to this Agreement, the Lender shall, at its discretion, return any excess against future payments to be made to the Escrow Fund. In allocating such excess, the Lender may deal with the persons shown on the records of the Lender to be the owner of the property. If the Escrow Fund is not sufficient to pay the items set forth in (a), (b), and (c) above, the Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to the Lender, upon demand, an amount amount, which the Lender shall reasonably estimate as sufficient to make up the deficiency. The Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by the Lender. No interest Unless otherwise required by applicable law, no earnings or earnings interest, if any, on the Escrow Fund shall be payable to Borrower the Borrower. ▇▇▇▇▇▇ may elect to appoint a third party to perform on ▇▇▇▇▇▇'s behalf the tasks associated with managing the Escrow Fund as described in this Section 2.7, in which case ▇▇▇▇▇▇▇▇ agrees to pay the costs for such third party. In the event the Lender does not establish an Escrow Fund, the Borrower shall make all required payments herein described in a timely manner and shall provide evidence thereof as required by the Lender.
Appears in 1 contract
Sources: Mortgage (Naco Industries Inc)
Escrow Fund. At In addition to the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, respect to Taxes and maintenance shall be Insurance Premiums made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held by Lender in Lender’s Escrow Fund. Additionallyescrow, Borrower shall pay to Lender or its designee on the first tenth day of each calendar month: month (a) one twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater), upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay the Taxes payable, or estimated by Lender to be payable, during the next ensuing twelve (12) months and (b) at the option of Lender, if the liability or casualty Policy maintained by Borrower covering the Property shall not constitute an approved blanket or umbrella Policy pursuant to Subsection 3.3(c) hereof, or Lender shall require Borrower to obtain a separate Policy pursuant to Subsection 3.3(c) hereof, one-twelfth of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the expiration thereof (if greaterthe amounts in (a) and (b) above shall be called the "ESCROW FUND"). In the event Lender shall elect to collect payments in escrow for Insurance Premiums, all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs Borrower shall pay to Lender an initial deposit to be maintained determined by Lender, in its sole discretion, to increase the amounts in the ordinary course of business (“CAM”)Escrow Fund to an amount which, together with anticipated monthly escrow payments, shall be sufficient to pay all Insurance Premiums and Taxes as they become due. Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, any Taxes and CAM Insurance Premiums of which it has obtained or obtains knowledge and expressly authorizes Lender or its designee agent to obtain the bills for taxes Taxes and other charges Other Charges directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying will apply the Escrow Fund to the payment payments of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunderpursuant to Sections 3.3 and 3.4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 3.3 and 3.4 hereof, Lender shall, in its discretion, return any excess to Borrower or credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, Lender may deal with the person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, items set forth in (a) and CAM herein(b) above, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall estimate as sufficient to make up the deficiency. The Escrow Fund shall constitute a separate fund bear interest at money market rates selected by Lender and such interest shall be added to and become part of the Escrow Fund and disbursed or applied in the same manner and subject to the same terms and conditions as all other funds in the Escrow Fund, as more particularly described above. All earnings on the Escrow Fund shall be taxed as income of the Borrower and shall be for the benefit of Borrower, subject to Lender's rights pursuant to this Agreement. Lender shall not be commingled with other monies held by Lenderresponsible for any specific level or percentage of earnings on such investment. No interest or earnings Borrower shall be payable to Borrower on responsible for the costs associated with administering the Escrow Fund, and such reasonable costs may be credited against such Escrow Fund. Notwithstanding anything to the contrary contained in this Section 3.5, and provided no Event of Default has occurred and is continuing, Borrower's obligations to make payments to the Escrow Fund shall be deemed satisfied to the extent that sufficient funds are deposited in the Lockbox Account to satisfy such obligations on the date such payment is required, regardless of whether any such amounts are so applied by Lender.
Appears in 1 contract
Escrow Fund. At the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined belowa) sufficient to discharge its obligations for the payment of taxes, insurance premiums, If a Triggering Event shall have occurred and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionallycontinuing, Borrower shall pay to Lender or its designee Administrative Agent on the first day of each calendar month: Payment Date (a) one twelfth of an amount which would be sufficient to pay the taxes Property Taxes payable, or reasonably estimated by Lender Administrative Agent to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the next ensuing twelve (12) months; months and (b) one-if the liability or casualty policies of insurance maintained by Borrower covering the Property shall not constitute an approved blanket or umbrella Policy pursuant to Section 5.1 hereof, one twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies of the insurance required pursuant to Section 5.1 hereof upon the expiration thereof; thereof (the amounts in (a) and (cb) one-twelfth of an amount which would above shall be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in called the ordinary course of business (“CAMEscrow Fund”). During any time the foregoing sentence shall be in effect, Borrower shall agrees to notify Lender immediately Administrative Agent promptly of any changes to the amounts, schedules and instructions for payment of taxes, any Property Taxes and insurance premiums, and CAM premiums of which it has obtained knowledge (to the extent such premiums are required to be escrowed hereunder) and expressly authorizes Lender Administrative Agent or its designee agent to obtain the bills for taxes and other charges Property Taxes directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Section 2.6(a) shall be added together and shall be paid as the an aggregate sum by Borrower to LenderAdministrative Agent. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying Administrative Agent will apply the Escrow Fund to payments of Property Taxes and insurance premiums (to the payment of extent such taxes, insurance premiums, and CAM premiums are required to be escrowed hereunder) required to be made by Borrower hereunderpursuant to Sections 9.14 and 5.1 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Property Taxes and insurance premiums pursuant to Sections 9.14 and 5.1 hereof, Administrative Agent shall, at Borrower’s election, credit such excess against future payments to be made to the Escrow Fund or deposit such excess funds into the Sweep Account. In allocating such excess, Administrative Agent may deal with the person shown on the records of Administrative Agent to be the owner of the Property. If at any time prior to a Triggering Event Termination Administrative Agent reasonably determines that the Escrow Fund together with the amounts required to be paid by Borrower pursuant to the first sentence of this Section 9.15 is not be sufficient to pay the amounts due for taxesitems set forth in (a) and (b) above, insurance premiums, and CAM herein, to the extent funds in the Sweep Account are insufficient Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to LenderAdministrative Agent, upon demand, an amount which Lender Administrative Agent shall estimate as sufficient to make up the deficiencydeficiency (such amount, an “Escrow Fund Deficiency Amount”). The Escrow Fund shall not constitute a trust fund. Upon a Triggering Event Termination, Administrative Agent shall disburse all sums in the Escrow Fund to an account designated by Borrower in writing and any obligation to make any payment under this Section 9.15 shall terminate, subject to such obligations again arising if a subsequent Triggering Event shall have occurred and be continuing. The Escrow Fund shall be a separate fund interest bearing account, which account shall provide for interest at then prevailing market rates and all interest thereon shall be for the benefit of Borrower and shall be added to and remain in the Escrow Fund; provided, however, that nothing herein shall require that interest be earned at the highest prevailing rates.
(b) Borrower shall have the right to deliver a Letter of Credit in lieu of making payments to the Escrow Fund subject to the following terms and conditions: the aggregate amount of any such Letter of Credit deposited with respect to the Escrow Fund shall at all times be at least equal to the aggregate amount that Borrower would be required to deposit in the Escrow Fund over the next twelve (12) month period; in the event that a Letter of Credit is delivered in lieu of any portion of the Escrow Fund, Borrower shall be responsible for the payment of Property Taxes, and Lenders shall not be commingled with other monies held by Lender. No interest or earnings responsible therefor; and each Letter of Credit delivered under this Section shall be additional security for the payment of the Loan and all sums payable with respect to Borrower on the Escrow FundLoan under this Agreement and the other Loan Documents. Any amounts invested pursuant to this Section 9.15 shall be invested solely in Permitted Investments.
Appears in 1 contract
Sources: Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.)
Escrow Fund. At the option of the Lender, after an event of default has occurred, Lender may require the Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trustpursuant to Article II. Paragraph 8, and Article IV, Paragraph 1(I), hereof. (The initial deposits together with the amounts set forth in this subsection (a), (b), and (c) below shall be called the (“"Escrow Fund”"). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s 's Escrow FundFund which sum shall not exceed the total of the anticipated taxes, insurance premiums and maintenance for the next year. Additionally, Borrower shall pay to Lender or its designee on the first day of each calendar month: (a) one one-twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of buildingbuildings, grounds, equipment, and all other property which needs to be maintained in the ordinary course of business (“"CAM”"). Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules schedules, and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes authorized Lender or its designee agent to obtain the bills for taxes and other charges directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, or both, payable pursuant to the Note, shall be added together together, and shall be paid as the aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying the Escrow Fund to the payment of such taxes, insurance premiums, and CAM required to be made by Borrower hereunder. If the amount of the Escrow Fund shall not be sufficient to pay the amounts due for taxes, insurance premiums, and CAM herein, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall estimate to make up the deficiency. The Escrow Fund shall constitute a separate fund and shall not be commingled with other monies held by Lender. No interest or earnings shall be payable to Borrower on the Escrow Fund.,
Appears in 1 contract
Sources: Loan Agreement (Thomaston Mills Inc)
Escrow Fund. At If a Triggering Event shall have occurred and be continuing, Borrower shall, on each Payment Date, deposit into an Eligible Account, which account will be a subaccount of the option of Lender, Lender may require Borrower to establish an Cash Management Account (the “Escrow Fund (defined belowAccount”) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionally, Borrower shall pay to Lender or its designee on the first day of each calendar month: (a) one twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater), upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to paypay the Property Taxes payable, or reasonably estimated by Lender Administrative Agent to be payable, during the next ensuing twelve (12) months and (b) if the liability or casualty policies of insurance maintained by Borrower covering the Property shall not constitute an approved blanket or umbrella Policy pursuant to Section 5.1 hereof, one-twelfth of an amount which would be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies of the insurance required pursuant to Section 5.1 hereof upon the expiration thereof; thereof (the amounts in (a) and (cb) one-twelfth of an amount which would above shall be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in called the ordinary course of business (“CAMEscrow Fund”). During any time the foregoing sentence shall be in effect, Borrower shall agrees to notify Lender immediately Administrative Agent promptly of any changes to the amounts, schedules and instructions for payment of taxes, any Property Taxes and insurance premiums, and CAM premiums of which it has obtained knowledge (to the extent such premiums are required to be escrowed hereunder) and expressly authorizes Lender Administrative Agent or its designee agent to obtain the bills for taxes and other charges Property Taxes directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Section 2.7(a) shall be added together and shall be paid as the an aggregate sum by Borrower to LenderAdministrative Agent. Provided there are sufficient amounts in Administrative Agent shall instruct Cash Management Bank to disburse the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated Funds to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying the Escrow Fund to Designated Account for the payment of Property Taxes and insurance premiums (to the extent such taxes, insurance premiums, and CAM premiums are required to be escrowed hereunder) required to be made by Borrower hereunderpursuant to Sections 5.1 hereof as the same are due and payable. If the amount of the Escrow Fund shall exceed the amounts due for Property Taxes and insurance premiums pursuant to Sections 9.15 and 5.1 hereof, Administrative Agent shall, at Borrower’s election, credit such excess against future payments to be made to the Escrow Fund or deposit such excess funds into the Sweep Account. In allocating such excess, Administrative Agent may deal with the person shown on the records of Administrative Agent to be the owner of the Property. If at any time prior to a Cash Release Event Administrative Agent reasonably determines that the Escrow Fund together with the amounts required to be paid by Borrower pursuant to the first sentence of this Section 9.15 is not be sufficient to pay the amounts due for taxesitems set forth in (a) and (b) above, insurance premiums, and CAM herein, to the extent funds in the Sweep Account are insufficient Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lenderdeposit into the Escrow Fund Account, upon demand, an amount which Lender Administrative Agent shall estimate as sufficient to make up the deficiencydeficiency (such amount, an “Escrow Fund Deficiency Amount”). The Escrow Fund shall not constitute a separate fund trust fund. Upon a Cash Release Event, Administrative Agent shall disburse (or cause to be disbursed) all sums in the Escrow Fund Account to an account designated by Borrower in writing and any obligation to make any payment under this Section 9.15 shall terminate, subject to such obligations again arising if a subsequent Triggering Event shall have occurred and be continuing. Borrower shall not be commingled with other monies held by Lenderhave any right to make withdrawals from the Escrow Fund Account. No All interest or earnings shall be payable to Borrower on the Escrow Fund shall be for the benefit of Borrower and shall be added to and remain in the Escrow Fund; provided, however, that nothing herein shall require that interest be earned at the highest prevailing rates.
Appears in 1 contract
Sources: Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.)
Escrow Fund. At any time after the option occurrence of Lenderan Event of Default hereunder, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for upon the payment request of taxesthe Collateral Agent, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionally, Borrower Mortgagor shall pay to Lender or its designee the Collateral Agent on the first day of each calendar month: month (a) one twelfth of an amount which would be sufficient to pay the taxes Taxes imposed against the Mortgaged Property or any part thereof payable, or estimated by Lender Collateral Agent to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the next ensuing twelve (12) months; months and (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies Policies upon the expiration thereof; thereof (said amounts in (a) and (cb) one-twelfth of an amount which would be sufficient above hereinafter called the "ESCROW FUND"). Mortgagor hereby pledges to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, Mortgagee any and all other property which needs to be maintained in the ordinary course of business (“CAM”). Borrower shall notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes Lender monies now or its designee to obtain the bills for taxes and other charges directly from the appropriate authority. The Escrow Fund and the payments of interest or principal, or both, payable pursuant to the Note, shall be added together and shall be paid as the aggregate sum by Borrower to Lender. Provided there are sufficient amounts hereafter deposited in the Escrow Fund and no Default or an Event as additional security for the payment of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying Debt. Collateral Agent will apply the Escrow Fund to the payment of such taxes, insurance premiums, and CAM payments required to be made by Borrower hereunderMortgagor pursuant to the provisions of this Mortgage. If the amount of the Escrow Fund shall exceed the amount due for the items described, Collateral Agent shall, in its discretion, (1) return any excess to Mortgagor, (2) credit such excess against the Debt in such priority and proportions as Collateral Agent in its discretion shall deem proper, or (3) credit such excess against future payments to be made to the Escrow Fund. If the Escrow Fund is not be sufficient to pay the amounts due for taxesitems set forth in (a) and (b) above, insurance premiums, and CAM herein, Borrower Mortgagor shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to LenderCollateral Agent, upon demand, an amount which Lender Collateral Agent shall estimate in good faith as sufficient to make up the deficiency. The Escrow Fund shall not constitute a separate fund trust fund, and shall not until expended or applied as above provided, any amounts in the Escrow Fund may be commingled with other monies held by Lenderthe general funds of the Collateral Agent and shall constitute additional security for the Debt. No earnings or interest or earnings on the Escrow Fund shall be payable to Borrower on the Escrow FundMortgagor.
Appears in 1 contract
Sources: Mortgage, Security Agreement and Assignment of Leases and Rents (Nexmed Inc)
Escrow Fund. At the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, Insurance Premiums and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, Taxes pursuant to Sections 3.3 and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund3.4 hereof. Additionally, Borrower shall pay to Lender or its designee on each "Payment Date" (as defined in the first day of each calendar month: Note) (a) one one-twelfth of an amount which would be sufficient to pay the taxes Taxes payable, or estimated by Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the next ensuing twelve (12) months; months and (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums Insurance Premiums due for the renewal of the coverage afforded by the policies Policies upon the expiration thereof; thereof (the initial deposits together with the amounts in (a) and (cb) one-twelfth of an amount which would above shall be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in called the ordinary course of business (“CAM”"Escrow Fund"). Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, any Taxes and CAM Insurance Premiums of which it has obtained knowledge and expressly authorizes Lender or its designee agent to obtain the bills for taxes Taxes and other charges Other Charges directly from the appropriate tax authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums Taxes and CAM Insurance Premiums as they become due on their respective due dates on behalf of Borrower by applying the Escrow Fund to the payment payments of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunderpursuant to Sections 3.3 and 3.4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 3.3 and 3.4 hereof, Lender shall, in its discretion, return any excess to Borrower or credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, Lender may deal with the person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, items set forth in (a) and CAM herein(b) above, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall reasonably estimate as sufficient to make up the deficiency. The Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by Lender. No interest or earnings Notwithstanding the foregoing, provided no Event of Default has occurred and is continuing, Lender agrees to forebear collection from Borrower of monthly deposits of Insurance Premiums provided that (i) an initial deposit of Insurance Premiums shall be payable made by Borrower to Borrower Lender in the amount of $17,500 on the Escrow Funddate hereof to be held by Lender in escrow, such escrowed amount to be increased yearly by an amount that Lender determines in its reasonable discretion to be adequate to account for the increase in premiums due to inflation or otherwise and payable by Borrower within ten (10) days of demand therefor; and (ii) Borrower delivers to Lender certificates of insurance with respect to all renewal and replacement policies within the time permitted by Lender set forth in Section 3.3(b) hereof prior to the expiration date of any of the Policies required to be maintained hereunder, which certificates shall bear notation evidencing payment of all applicable Insurance Premiums, and (iii) Borrower has otherwise complied with all of the terms and conditions of Section 3.3(b) hereof.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Butler International Inc /Md/)
Escrow Fund. At Upon
(i) the option occurrence of Lender, Lender may require Borrower to establish an Escrow Fund Event of Default (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiumshereinafter defined), and maintenance for so long as required by such Event of Default shall be continuing, or (ii) the Deed transfer of Trust. The initial deposits together the Property to any entity in accordance with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionallyterms of paragraph 9(c) hereof, Borrower shall pay to Lender or its designee upon request on the first fifteenth day of each calendar month: month thereafter (a) one twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater), upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay the Taxes payable, or estimated by Lender to be payable, during the next ensuing twelve (12) months and (b) one- twelfth of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the expiration thereof (if greaterthe amounts set forth in (a) and (b) above hereinafter called the "Escrow Fund"), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in the ordinary course of business (“CAM”). Borrower shall notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes Lender or its designee to obtain the bills for taxes and other charges directly from the appropriate authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts Borrower hereby pledges to Lender any and all monies now or hereafter deposited in the Escrow Fund and no Default or an Event as additional security for the payment of Default exists, the Debt. Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying will apply the Escrow Fund to the payment payments of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunderpursuant to paragraphs 3 and 4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to paragraphs 3 and 4 hereof, Lender shall credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, ▇▇▇▇▇▇ may deal with the person shown on the records of ▇▇▇▇▇▇ to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, items set forth in (a) and CAM herein(b) above, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall estimate as sufficient to make up the deficiency. Lender may apply any sums then present in the Escrow Fund to the payment of the following items in any order in its uncontrolled discretion:
(i) Taxes and Other Charges;
(ii) Insurance Premiums;
(iii) Interest on the unpaid principal balance of the Note;
(iv) Amortization of the unpaid principal balance of the Note;
(v) All other sums payable pursuant to the Note, this Security Instrument and the Other Security Documents, including without limitation advances made by Lender pursuant to the terms of this Security Instrument. Until expended or applied as above provided, any amounts in the Escrow Fund shall constitute additional security for the Debt. The Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by Lender▇▇▇▇▇▇. No earnings or interest or earnings on the Escrow Fund shall be payable to Borrower on Borrower, except after repayment in full of the Escrow FundDebt.
Appears in 1 contract
Escrow Fund. At In addition to the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxesrespect to Taxes and, premiumsif applicable, and maintenance shall be Insurance Premiums made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held by Lender in Lender’s Escrow Fund. Additionallyescrow, Borrower shall pay to Lender or its designee on the first tenth day of each calendar month: month (a) one twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater), upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay the Taxes payable, or estimated by Lender to be payable, during the next ensuing twelve (12) months and (b) at the option of Lender, if the liability or casualty Policy maintained by Borrower covering the Property shall not constitute an approved blanket or umbrella Policy pursuant to Subsection 3.3(c) hereof, or Lender shall require Borrower to obtain a separate Policy pursuant to Subsection 3.3(c) hereof, one-twelfth of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the expiration thereof (if greaterthe amounts in (a) and (b) above shall be called the "Escrow Fund"). In the event Lender shall elect to collect payments in escrow for Insurance Premiums, all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs Borrower shall pay to Lender an initial deposit to be maintained determined by Lender, in its sole discretion, to increase the amounts in the ordinary course of business (“CAM”)Escrow Fund to an amount which, together with anticipated monthly escrow payments, shall be sufficient to pay all Insurance Premiums and Taxes as they become due. Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, any Taxes and CAM Insurance Premiums of which it has obtained or obtains knowledge and expressly authorizes Lender or its designee agent to obtain the bills for taxes and other charges Taxes directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying will apply the Escrow Fund to the payment payments of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunderpursuant to Sections 3.3 and 3.4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 3.3 and 3.4 hereof, Lender shall, in its discretion, return any excess to Borrower or credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, Lender may deal with the person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, items set forth in (a) and CAM herein(b) above, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall estimate as sufficient to make up the deficiency. The Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by Lender. No earnings or interest or earnings on the Escrow Fund shall be payable to Borrower on the Escrow FundBorrower.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Cedar Income Fund LTD /Md/)
Escrow Fund. At the option of LenderLender upon an Event of Default which continues beyond any applicable cure period, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionally, Borrower shall pay to Lender or its designee on the first day of each calendar month: (a) one twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance assessments and upkeep other amounts, if any, owing toTRI Owners Association pursuant to the Declaration of buildingCovenants, groundsConditions and Restrictions For Tahoe-Reno Industrial Center, equipmentrecorded at Book No. 123, and all other property which needs to be maintained in Page 945 of the ordinary course Official Records of business Storey County, Nevada (“CAM”). Borrower shall notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes Lender or its designee to obtain the bills for taxes and other charges directly from the appropriate authority. The Escrow Fund and the payments of interest or principal, or both, payable pursuant to the Note, shall be added together and shall be paid as the aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying the Escrow Fund to the payment of such taxes, insurance premiums, and CAM required to be made by Borrower hereunder. If the amount of the Escrow Fund shall not be sufficient to pay the amounts due for taxes, insurance premiums, and CAM herein, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to top Lender, upon demand, an amount which Lender shall estimate to make up the deficiency. The Escrow Fund shall constitute a separate fund and shall not be commingled with other monies held by Lender. No interest or earnings shall be payable to Borrower on the Escrow Fund.
Appears in 1 contract
Sources: Loan Agreement (Aqua Metals, Inc.)
Escrow Fund. [At the option of Lender, ] Borrower shall establish with Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its Borrower’s obligations for the payment of taxes, insurance premiums, Insurance Premiums and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”)Taxes pursuant to Sections 3.3 and 3.4. Initial deposits for taxes, premiums, of Taxes and maintenance Insurance Premiums shall be made by Borrower to Lender in amounts determined on the date of this Security Instrument to be held by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fundescrow. Additionally, Borrower shall pay to Lender or its designee on the first day of each calendar month: month (a) one one-twelfth of an amount which would be sufficient to pay the taxes Taxes payable, or estimated by Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the next ensuing twelve (12) months; months and (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums Insurance Premiums due for the renewal of the coverage afforded by the policies Policies upon the expiration thereof; of them (the initial deposits together with the amounts in (a) and (cb) one-twelfth of an amount which would above shall be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in called the ordinary course of business (“CAMEscrow Fund”). Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, any Taxes and CAM Insurance Premiums of which it has obtained or obtains knowledge and expressly authorizes Lender or its designee agent to obtain the bills for taxes Taxes and other charges Other Charges directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums Taxes and CAM Insurance Premiums as they become due on their respective due dates on behalf of Borrower by applying the Escrow Fund to the payment of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunder. If the amount of the Escrow Fund shall not be sufficient pursuant to pay the amounts due for taxes, insurance premiums, Sections 3.3 and CAM herein, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall estimate to make up the deficiency. The Escrow Fund shall constitute a separate fund and shall not be commingled with other monies held by Lender. No interest or earnings shall be payable to Borrower on the Escrow Fund.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement
Escrow Fund. At the option of Lender, Lender may require (a) Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionally, Borrower shall will pay to Lender or its designee on the first day of each calendar month: (a) one month one-twelfth of an amount (the "Escrow Fund") which would be sufficient to pay pay, on the taxes first day of the month preceding the month in which they become due, the Taxes and the premiums on all Policies (the "Premiums") payable, or estimated by Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by . Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in the ordinary course of business (“CAM”). Borrower shall notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes Lender or its designee to obtain the bills for taxes and other charges directly from the appropriate authority. The Escrow Fund and the payments of interest or principal, or both, payable pursuant to the Note, shall be added together and shall be paid as the aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying will apply the Escrow Fund to the payment of such taxes, insurance premiums, Taxes and CAM the Premiums which are required to be made paid by Borrower hereunderpursuant to the provisions of this Instrument. If the amount of the Escrow Fund shall exceed the amount of the Taxes and the Premiums payable by Borrower pursuant to the provisions of this Instrument, Lender shall, in its discretion, (i) return any excess to Borrower, or (ii) credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, ▇▇▇▇▇▇ may deal with the person shown on the records of ▇▇▇▇▇▇ to be the owner of the Premises and Improvements. If the Escrow Fund is not be sufficient to pay the amounts due for taxesTaxes and/or the Premiums, insurance premiums, and CAM hereinas the same become payable, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demandrequest, an amount which Lender shall estimate as sufficient to make up the deficiency. The Until expended or applied as above provided, any amounts in the Escrow Fund may be commingled with the general funds of Lender, shall constitute a separate fund additional security for the Debt and shall not be commingled with other monies held bear interest. The collection of such deposits by LenderLender shall not relieve Borrower of any of the obligations of Borrower under any provision of this Instrument. No interest Provided (i) there are sufficient amounts in the Escrow not less than thirty (30) days in advance of the due date of such payment, (ii) no Event of Default exists under this Instrument and (iii) Lender is not otherwise constrained or earnings prohibited from making such payment, Lender shall pay the Taxes and Premiums as they become due by their respective due dates; further, if such conditions apply and should Lender fail to make such payment on or before the delinquency date of such payment, then Lender shall be responsible for the payment of any interest and penalties arising on account of such failure from and after such date, provided that in the event Borrower receives written notice of such failure to pay, then the liability of Lender for such interest and penalties shall terminate ten (10) days after ▇▇▇▇▇▇▇▇ receives such notice unless Borrower notifies Lender in writing within such ten (10) day period of such failure to pay.
(b) To the extent permitted by applicable law, if a Default occurs under any of the provisions of this Instrument, Lender shall have the right to apply the balance of any funds deposited with it, or its designee, accumulated to pay Taxes and Premiums, either as a credit against the Debt or to the payment of any other charges payable to Borrower on the Escrow Fundhereunder.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Paper Warehouse Inc)
Escrow Fund. At In addition to the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, respect to Taxes and maintenance shall be Insurance Premiums made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held by Lender in Lender’s Escrow Fund. Additionallyescrow, Borrower shall pay to Lender or its designee on the first tenth day of each calendar month: month (a) one twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater), upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay the Taxes payable, or estimated by Lender to be payable, during the next ensuing twelve (12) months and (b) at the option of Lender, if the liability or casualty Policy maintained by Borrower covering the Property shall not constitute an approved blanket or umbrella Policy pursuant to Subsection 3.3(c) hereof, one-twelfth of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the expiration thereof (if greaterany initial deposits plus the amounts in (a) and (b) above shall be called the "ESCROW FUND"). In the event Lender shall elect to collect payments in escrow for Insurance Premiums, all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs Borrower shall pay to Lender an initial deposit to be maintained determined by Lender, in its sole discretion, to increase the amounts in the ordinary course of business (“CAM”)Escrow Fund to an amount which, together with anticipated monthly escrow payments, shall be sufficient to pay all Insurance Premiums and Taxes as they become due. Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, any Taxes and CAM Insurance Premiums of which it has obtained or obtains knowledge and expressly authorizes Lender or its designee agent to obtain the bills for taxes Taxes and other charges Other Charges directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided that there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying will apply the Escrow Fund to the payment payments of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunderpursuant to Sections 3.3 and 3.4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 3.3 and 3.4 hereof, Lender shall pursuant to a written request from Borrower, after determining, in its reasonable discretion, the sufficient amount necessary to pay Taxes and Insurance Premiums when due, return any excess to Borrower. In allocating such excess, Lender may deal with the person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, items set forth in (a) and CAM herein(b) above, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall reasonably estimate as sufficient to make up the deficiency. The Borrower shall pay Lender the sum of Five Thousand Dollars ($5,000) per year for the servicing of the Escrow Fund and all other accounts established pursuant to the Cash Management Agreement. Such sum shall be deducted from the interest income earned on the Escrow Account, if any, and to the extent such interest income shall not be sufficient to pay such costs, such costs shall be paid by Borrower promptly on demand by Lender. Notwithstanding anything to the contrary contained in this Section 3.5, and provided no Event of Default has occurred and is continuing, Borrower's obligations to make payments to the Escrow Fund shall constitute a separate fund and shall not be commingled with other monies held deemed satisfied to the extent that sufficient funds are deposited in the Lockbox Account to satisfy such obligations on the date such payment is required, regardless of whether any such amounts are so applied by Lender. No interest or earnings shall be payable to Borrower on the Escrow Fund.
Appears in 1 contract
Escrow Fund. At the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Mortgage/Deed of TrustTrust in an amount equal to one hundred five percent (105%) of the total of these payments. The initial deposits together with the amounts set forth in this subsection shall be called the (“"Escrow Fund”)". Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s 's Escrow Fund. Additionally, Borrower shall pay to Lender or its designee on the first day of each calendar month: (a) one twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in the ordinary course of business (“"CAM”"). Borrower shall notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes Lender or its designee to obtain the bills for taxes and other charges directly from the appropriate authority. The Escrow Fund and the payments of interest or principal, or both, payable pursuant to the Note, shall be added together and shall be paid as the aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying the Escrow Fund to the payment of such taxes, insurance premiums, ,and CAM required to be made by Borrower hereunder. If the amount of the Escrow Fund shall not be sufficient to pay the amounts due for taxes, insurance premiums, and CAM herein, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to top Lender, upon demand, an amount which Lender shall estimate to make up the deficiency. The Escrow Fund shall constitute a separate fund and shall not be commingled with other monies held by Lender. No interest or earnings shall be payable to Borrower on the Escrow Fund.
Appears in 1 contract
Escrow Fund. At In addition to the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxesrespect to Taxes and, premiumsif applicable, and maintenance shall be Insurance Premiums made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held by Lender in Lender’s Escrow Fund. Additionallyescrow, Borrower shall pay to Lender or its designee on the first day of each calendar month: month (a) one twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater), upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay the Taxes payable, or estimated by Lender to be payable, during the next ensuing twelve (12) months and (b) at the option of Lender, if the liability or casualty Policy maintained by Borrower covering the Property shall not constitute an approved blanket or umbrella Policy pursuant to Subsection 3.3(c) hereof, or Lender shall require Borrower to obtain a separate Policy pursuant to Subsection 3.3(c) hereof, one-twelfth of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the expiration thereof (if greaterthe amounts in (a) and (b) above shall be called the "Escrow Fund"). In the event Lender shall elect to collect payments in escrow for Insurance Premiums, all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs Borrower shall pay to Lender an initial deposit to be maintained determined by Lender, in its sole discretion, to increase the amounts in the ordinary course of business (“CAM”)Escrow Fund to an amount which, together with anticipated monthly escrow payments, shall be sufficient to pay all Insurance Premiums and Taxes as they become due. Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, any Taxes and CAM Insurance Premiums of which it has obtained or obtains knowledge and expressly authorizes Lender or its designee agent to obtain the bills for taxes and other charges Taxes directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying will apply the Escrow Fund to the payment payments of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunderpursuant to Sections 3.3 and 3.4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Sections 3.3 and 3.4 hereof, Lender shall, in its discretion, return any excess to Borrower or credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, Lender may deal with the person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, items set forth in (a) and CAM herein(b) above, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall estimate as sufficient to make up the deficiency. The Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by Lender. No earnings or interest or earnings on the Escrow Fund shall be payable to Borrower on the Escrow FundBorrower.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Cedar Income Fund LTD /Md/)
Escrow Fund. At any time after the option occurrence of Lenderan Event of Default hereunder, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for upon the payment request of taxesthe Collateral Agent, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionally, Borrower Mortgagor shall pay to Lender or its designee the Collateral Agent on the first day of each calendar month: month (a) one twelfth of an amount which would be sufficient to pay the taxes Taxes imposed against the Mortgaged Property or any part thereof payable, or estimated by Lender Collateral Agent to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the next ensuing twelve (12) months; months and (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies Policies upon the expiration thereof; thereof (said amounts in (a) and (cb) one-twelfth of an amount which would be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in above hereinafter called the ordinary course of business (“CAMEscrow Fund”). Borrower shall notify Lender immediately of Mortgagor hereby pledges to Mortgagee any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes Lender all monies now or its designee to obtain the bills for taxes and other charges directly from the appropriate authority. The Escrow Fund and the payments of interest or principal, or both, payable pursuant to the Note, shall be added together and shall be paid as the aggregate sum by Borrower to Lender. Provided there are sufficient amounts hereafter deposited in the Escrow Fund and no Default or an Event as additional security for the payment of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying Debt. Collateral Agent will apply the Escrow Fund to the payment of such taxes, insurance premiums, and CAM payments required to be made by Borrower hereunderMortgagor pursuant to the provisions of this Mortgage. If the amount of the Escrow Fund shall exceed the amount due for the items described, Collateral Agent shall, in its discretion, (1) return any excess to Mortgagor, (2) credit such excess against the Debt in such priority and proportions as Collateral Agent in its discretion shall deem proper, or (3) credit such excess against future payments to be made to the Escrow Fund. If the Escrow Fund is not be sufficient to pay the amounts due for taxesitems set forth in (a) and (b) above, insurance premiums, and CAM herein, Borrower Mortgagor shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to LenderCollateral Agent, upon demand, an amount which Lender Collateral Agent shall estimate in good faith as sufficient to make up the deficiency. The Escrow Fund shall not constitute a separate fund trust fund, and shall not until expended or applied as above provided, any amounts in the Escrow Fund may be commingled with other monies held by Lenderthe general funds of the Collateral Agent and shall constitute additional security for the Debt. No earnings or interest or earnings on the Escrow Fund shall be payable to Borrower on the Escrow FundMortgagor.
Appears in 1 contract
Sources: Mortgage, Security Agreement and Assignment of Leases and Rents (Nexmed Inc)
Escrow Fund. At In addition to the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, respect to Taxes and maintenance shall be Insurance Premiums made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held by Lender in Lender’s Escrow Fund. Additionallyescrow, Borrower shall pay to Lender or its designee on the first day of each calendar month: month (a) one one-twelfth of an amount which would be sufficient to pay cover the taxes payment of the Taxes payable, or estimated by Lender to be payable (if greater)payable, upon the due dates established by the appropriate taxing authority during the next ensuing twelve (12) months; months and (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums Insurance Premiums due for the renewal of the coverage afforded by the policies Policies upon the expiration thereof; thereof (the amounts in (a) and (cb) one-twelfth of an amount which would above shall be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in called the ordinary course of business (“CAM”"Escrow Fund"). Borrower shall agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, any Taxes and CAM Insurance Premiums of which it has obtained or obtains knowledge and expressly authorizes Lender or its designee agent to obtain the bills for taxes and other charges Taxes directly from the appropriate taxing authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts in the Escrow Fund fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums Taxes and CAM Insurance Premiums as they become due on their respective due dates on behalf of Borrower by applying the Escrow Fund to the payment payments of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunderBorrower. If the amount of the Escrow Fund shall exceed the amounts reasonably necessary for the payment of Taxes and Insurance Premiums, Lender shall, in its discretion, return any excess to Borrower or credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, Lender may deal with the person shown on the records of Lender to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, items set forth in (a) and CAM herein(b) above as and when they are due, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall reasonably estimate as sufficient to make up the deficiency. The Unless otherwise required by applicable state or federal law, the Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by Lender. No Unless otherwise required by applicable state or federal law, no earnings or interest or earnings on the Escrow Fund shall be payable to Borrower on Borrower. Upon payment in full of the Debt, and full performance of the Obligations, the funds remaining in the Escrow Fund, if any, shall be paid to the record owner of the Land encumbered by the lien of this Security Instrument within a reasonable time following the date of such full payment and performance.
Appears in 1 contract
Sources: Convertible Promissory Notes (Minrad International, Inc.)
Escrow Fund. At the option of Lender, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionally, Borrower shall pay to Lender or its designee on the first day of each calendar month: (a) one twelfth of an amount which would be sufficient The Authority irrevocably authorizes and directs the Escrow Agent to make payments from the Escrow Fund to pay Costs of the taxes payableProject or to reimburse the Borrower for any Cost of the Project paid by it. Pursuant to this Agreement, the Escrow Agent shall make such payments directly to or estimated at the direction of the Borrower without any act by Lender to be payable (if greater)the Authority, upon the due dates established compliance by the appropriate taxing authority during Borrower with the ensuing twelve (12) months; requirements of this Agreement.
(b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender All disbursements from the Escrow Fund are to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded approved by the policies upon Purchaser and may also be verified by the expiration thereof; and Purchaser from time to time.
(c) one-twelfth Except for the first requisition, all requisitions shall be received by the Escrow Agent no less than five (5) business days prior to the date of an amount the requested advance.
(d) If at any time (which would be sufficient to pay or estimated by Lender to be sufficient to pay (if greatermay include the execution of this Agreement and the inception of the Loan), all and from time to time, the Purchaser shall determine that the Loan, the undisbursed balance thereof or any allocated Loan budget amount is insufficient to cover the remaining costs of completion of the Project or the remaining costs associated with maintenance and upkeep such Loan budget amount, then to further secure the future payment of buildingthe Borrower's share of such costs the Purchaser may require the Borrower to furnish a "Completion Deposit", groundswhich shall consist of a deposit with the Escrow Agent of cash, equipmentletters of credit or marketable securities by the Borrower in an amount satisfactory to the Purchaser, and all other property which needs the Purchaser may from time to be maintained in time apply, or allow the ordinary course Borrower to apply, to the satisfaction and payment of business (“CAM”)the Borrower's share with respect to completion of the Project. Borrower shall notify Lender immediately Portions of any changes Completion Deposit shall be released to the amountsBorrower when and to the extent that the Purchaser determines that the value or amount thereof is more than the excess, schedules and instructions for payment if any, of taxes, insurance premiums, and CAM the total remaining costs of which it has obtained knowledge and expressly authorizes Lender completion or its designee remaining costs of such line item of the budget (as the case may be) over the undisbursed balance of the Loan or such line item of the budget (as the case may be).
(e) The Borrower agrees as a condition precedent to obtain the bills for taxes and other charges directly from disbursement of any portion of the appropriate authority. The Escrow Fund to comply with the terms of this Agreement and to furnish the Escrow Agent and the payments of interest or principal, or both, payable pursuant Purchaser with a Requisition Form signed by an Authorized Borrower Representative and approved by the Purchaser stating with respect to each payment made: (i) the Note, shall be added together and shall be paid as the aggregate sum by Borrower to Lender. Provided there are sufficient amounts account in the Escrow Fund from which such payment is to be made; (ii) the requisition number; (iii) the name and address of the Person to whom payment is to be made by the Escrow Agent, the name, address and a copy of the invoice of the Person to whom such advance was made or is to be made together, if payment was made, with proof of payment by the Borrower; (iv) the amount to be paid; (v) that each obligation for which payment is sought is a Proper Charge against the applicable account of the Escrow Fund, is unpaid or unreimbursed, and has not been the basis of any previously paid requisition; (vi) if such payment is a reimbursement to the Borrower for costs or expenses incurred by reason of work performed, inspected or supervised by officers or employees of the Borrower or any of its affiliates, that the amount to be paid does not exceed the actual cost thereof to the Borrower or any of its affiliates; (vii) that no Default or an uncured Event of Default existshas occurred under this Bond Agreement; and (viii) the Borrower has received no written notice of any lien, Lender right to lien or attachment upon, or other claim affecting the right to receive payment of, any of the moneys payable under such Requisition Form to any of the Persons named therein, or if any of the foregoing has been received, it has been released or discharged or will be released or discharged upon payment of the Requisition Form;.
(f) The Purchaser or its counsel, as appropriate, shall have received from the Borrower and approved (unless otherwise indicated) all of the items listed below. The Escrow Agent shall not make the first disbursement from the Escrow Fund until the following has been complied with:
(i) Either (A) a certificate of an Authorized Borrower Representative stating that, for purposes of the Prevailing Wage Provision and the Affirmative Action Program, none of the moneys disbursed at any time from the Escrow Fund will be used to pay or reimburse a payment for work done in performance of any Construction Contract unless prior thereto there shall be obligated submitted to pay the Escrow Agent an executed Contractor's Certificate and Agreement or (B) a Contractor's Certificate and Agreement executed by the Contractor. Nevertheless, prior to the initial disbursement from the Escrow Fund for payment of any Construction Contract, if not theretofore furnished, a Contractor's Certificate and Agreement shall be submitted.
(ii) Evidence of insurance relating to the Project as required by Section 5.2 of this Agreement.
(iii) The representations and warranties made in Section 1.3 hereof shall be true and correct on behalf and as of the date of the initial disbursement from the Escrow Fund with the same effect as if made on such date.
(iv) The Project shall not have been materially injured or damaged by fire or other casualty unless the Purchaser shall have received insurance proceeds sufficient in the judgment of the Purchaser to effect the satisfactory restoration of the Project and to permit the completion thereof prior to the Completion Date.
(v) As of the date of the initial advance there shall be no Default on the part of the Borrower under this Agreement, and no default under the taxesNote or the other Bond Documents, insurance premiums and CAM as they become due on their respective due dates by applying no event shall have occurred and be continuing which after notice or passage of time or both would give rise to a Default or default hereunder or thereunder.
(vi) With respect to any requisition for moneys from the Escrow Fund to be applied toward the payment purchase or reimbursement for the purchase of such taxesProject Equipment or other tangible personal property, insurance premiumsa description of each item sufficient for the purpose of adequately identifying the same in Financing Statements, and CAM required if the moneys are to be made by applied to purchase Project Equipment which will be affixed to, or used to modify, renovate or refurbish existing equipment of the Borrower hereunder. If ("Existing Equipment") a description of each item of Existing Equipment sufficient for the amount purpose of adequately identifying the same in Financing Statements and Financing Statements covering the same in accordance with Section 5.24 hereof.
(vii) Subordination agreements between the Purchaser and any other parties having or claiming a security interest in the Project Equipment or the Existing Equipment, subordinating such other parties' interests in the Project Equipment and Existing Equipment, together with Financing Statements covering the same, all in form satisfactory to the Purchaser.
(viii) Copies of any leases pursuant to which the Borrower has leased any interest to the Project Equipment or Existing Equipment, evidence that such leases are subordinate to the security interest created hereby and in the Security Agreement, and assignments to the Purchaser of the Borrower's interest therein, all in form satisfactory to the Purchaser.
(ix) Such other documentation, including descriptions of the Project Equipment and Existing Equipment, subordination agreements, assignments and Financing Statements as the Purchaser may request from time to time to assure it has a first priority security interest in the Project Equipment and the Existing Equipment.
(g) The disbursement of any other advances from the Escrow Fund after the initial advance shall not be sufficient subject to pay the amounts due for taxessatisfaction of the following conditions:
(i) all other conditions of this Section 3.5 shall remain satisfied, insurance premiumsperformed and unimpaired as of the date of such subsequent advances.
(ii) the representations and warranties made in Section 1.3 hereof shall be true and correct on and as of the date of the advance with the same effect as if made on such date.
(iii) as of the date of such advance there shall be no Default on the part of the Borrower under this Agreement, and CAM hereinno default under the Note or the other Bond Documents, Borrower shall promptly (but in and no event later than three shall have occurred and be continuing which after notice or passage of time or both would give rise to a Default or default hereunder or thereunder.
(3iv) Business Days after demand by Lenderthe conditions of Section 3.5(f)(iv), (vi), (vii), (viii) pay to Lender, upon demand, an amount which Lender shall estimate to make up the deficiency. The Escrow Fund shall constitute a separate fund and shall not be commingled with other monies held by Lender. No interest or earnings (ix) shall be payable to Borrower on satisfied
(h) Upon the written request of the Authority, the Escrow Agent shall furnish the Authority with a record of the requisitions and disbursements from the Escrow Fund.
Appears in 1 contract
Sources: Bond Agreement (Foilmark Inc)
Escrow Fund. At Upon the option occurrence of Lenderan Event of Default hereunder, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as if required by the Deed of Trust. The initial deposits Lender from time to time, together with the amounts set forth in this subsection shall be called regular monthly payments due to the (“Escrow Fund”). Initial deposits for taxesLender under the Note, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionally, Borrower Mortgagor shall pay to the Lender or its designee on the first day of each calendar month: (a) one one-twelfth (1/12th) of an amount which would be sufficient to pay the taxes Impositions payable, or estimated by which the Lender to be estimates will become payable (if greater), upon within the due dates established by the appropriate taxing authority during the next ensuing twelve (12) months; and (b) one-twelfth (1/12th) of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums Insurance Premiums due for the renewal of the coverage afforded by the policies Policies upon the expiration thereof; thereof (said amounts in (a) and (cb) one-twelfth above hereinafter called the “Escrow Fund”.) The Mortgagor hereby pledges to the Lender, for the benefit of an amount which would be sufficient to pay or estimated by Lender to be sufficient to pay (if greater)the Secured Parties, all costs associated with maintenance and upkeep of building, grounds, equipment, any and all other property which needs to be maintained in the ordinary course of business (“CAM”). Borrower shall notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes Lender monies now or its designee to obtain the bills for taxes and other charges directly from the appropriate authority. The Escrow Fund and the payments of interest or principal, or both, payable pursuant to the Note, shall be added together and shall be paid as the aggregate sum by Borrower to Lender. Provided there are sufficient amounts hereafter deposited in the Escrow Fund and no Default or an Event as additional security for the payment of Default exists, the Debt. The Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying apply the Escrow Fund to the payment payments of such taxes, insurance premiums, Impositions and CAM Insurance Premiums required to be made by Borrower hereunderthe Mortgagor pursuant to Sections 6 and 7 of this Mortgage. If the amount of the Escrow Fund shall exceed the amounts due for Impositions and Insurance Premiums pursuant to Sections 6 and 7 hereof, the Lender shall, in its discretion, return any excess to the Mortgagor or credit the excess against future payments to be made to the Escrow Fund. In allocating such excess, the Lender may deal with the person shown on the Lender’s records as the owner of the Mortgaged Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxesitems set forth in (a) and (b) above, insurance premiums, and CAM herein, Borrower the Mortgagor shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to the Lender, upon demand, an amount which the Lender shall estimate as sufficient to make up the deficiency. Upon the occurrence of an Event of Default hereunder, the Lender may apply any sums then present in the Escrow Fund to the payment of the following items in any order, in its sole discretion:
(i) Impositions;
(ii) Insurance Premiums;
(iii) Interest on the unpaid principal balance of the Note;
(iv) All other sums payable to the Lender pursuant to the Note, this Mortgage or otherwise, including, without limitation, advances made by the Lender pursuant to the terms of this Mortgage. Until expended or applied as above provided, the amounts in the Escrow Fund shall constitute additional security for the Debt. The Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by the Lender. No earnings or interest or earnings on the Escrow Fund shall be payable to Borrower on the Escrow FundMortgagor.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Avalon GloboCare Corp.)
Escrow Fund. At Upon
(i) the option occurrence of Lender, Lender may require Borrower to establish an Escrow Fund Event of Default (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiumshereinafter defined), and maintenance for so long as required by such Event of Default shall be continuing, or (ii) the Deed transfer of Trust. The initial deposits together the Property to any entity in accordance with the amounts set forth in this subsection shall be called the (“Escrow Fund”). Initial deposits for taxes, premiums, and maintenance shall be made by Borrower to Lender in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionallyterms of paragraph 9(c) hereof, Borrower shall pay to Lender or its designee upon request on the first fifteenth day of each calendar month: month thereafter (a) one twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater), upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal of the coverage afforded by the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay the Taxes payable, or estimated by Lender to be payable, during the next ensuing twelve (12) months and (b) one- twelfth of an amount which would be sufficient to pay the Insurance Premiums due for the renewal of the coverage afforded by the Policies upon the expiration thereof (if greaterthe amounts set forth in (a) and (b) above hereinafter called the "Escrow Fund"), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in the ordinary course of business (“CAM”). Borrower shall notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes Lender or its designee to obtain the bills for taxes and other charges directly from the appropriate authority. The Escrow Fund and the payments of interest or principal, principal or both, payable pursuant to the Note, Note shall be added together and shall be paid as the an aggregate sum by Borrower to Lender. Provided there are sufficient amounts Borrower hereby pledges to Lender any and all monies now or hereafter deposited in the Escrow Fund and no Default or an Event as additional security for the payment of Default exists, the Debt. Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying will apply the Escrow Fund to the payment payments of such taxes, insurance premiums, Taxes and CAM Insurance Premiums required to be made by Borrower hereunderpursuant to paragraphs 3 and 4 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to paragraphs 3 and 4 hereof, Lender shall credit such excess against future payments to be made to the Escrow Fund. In allocating such excess, ▇▇▇▇▇▇ may deal with the person shown on the records of ▇▇▇▇▇▇ to be the owner of the Property. If the Escrow Fund is not be sufficient to pay the amounts due for taxes, insurance premiums, items set forth in (a) and CAM herein(b) above, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall estimate as sufficient to make up the deficiency. Lender may apply any sums then present in the Escrow Fund to the payment of the following items in any order in its uncontrolled discretion:
(I) Taxes and Other Charges;
(ii) Insurance Premiums;
(iii) Interest on the unpaid principal balance of the Note;
(iv) Amortization of the unpaid principal balance of the Note;
(v) All other sums payable pursuant to the Note, this Security Instrument and the Other Security Documents, including without limitation advances made by Lender pursuant to the terms of this Security Instrument. Until expended or applied as above provided, any amounts in the Escrow Fund shall constitute additional security for the Debt. The Escrow Fund shall not constitute a separate trust fund and shall not may be commingled with other monies held by Lender▇▇▇▇▇▇. No earnings or interest or earnings on the Escrow Fund shall be payable to Borrower on Borrower, except after repayment in full of the Escrow FundDebt.
Appears in 1 contract
Escrow Fund. At Promptly after the option of LenderEffective Time, Lender may require Borrower to establish an Escrow Fund (defined below) sufficient to discharge its obligations for the payment of taxes, insurance premiums, and maintenance as required by the Deed of Trust. The initial deposits together Parent shall deposit with the amounts set forth in this subsection Escrow Agent the Escrow Amount and the Sales Tax Escrow Amount out of the Merger Consideration pursuant to Section 1.6 hereof and shall be called confirm such deposit with the Escrow Agent. Such deposit of each of the Escrow Amount and the Sales Tax Escrow Amount shall constitute an escrow fund (respectively, the “Escrow Fund” and the “Sales Tax Escrow Fund”)) to be governed by the terms set forth herein. Initial deposits for taxes, premiums, The cash comprising the Escrow Fund and maintenance the Sales Tax Escrow Fund shall be made deposited by Borrower Parent with respect to Lender each Escrow Participant without any act by them, in amounts determined by Lender in its sole and exclusive discretion on the date hereof to be held in Lender’s Escrow Fund. Additionally, Borrower shall pay to Lender or its designee on the first day of each calendar month: (a) one twelfth of an amount which would be sufficient to pay the taxes payable, or estimated by Lender to be payable (if greater), upon the due dates established by the appropriate taxing authority during the ensuing twelve (12) months; (b) one-twelfth of an amount which would be sufficient to pay, or estimated by Lender to be sufficient to pay (if greater), the insurance premiums due for the renewal accordance with their respective Pro Rata Portions of the coverage afforded by Escrow Amount and the policies upon the expiration thereof; and (c) one-twelfth of an amount which would be sufficient to pay or estimated by Lender to be sufficient to pay (if greater), all costs associated with maintenance and upkeep of building, grounds, equipment, and all other property which needs to be maintained in the ordinary course of business (“CAM”). Borrower shall notify Lender immediately of any changes to the amounts, schedules and instructions for payment of taxes, insurance premiums, and CAM of which it has obtained knowledge and expressly authorizes Lender or its designee to obtain the bills for taxes and other charges directly from the appropriate authoritySales Tax Escrow Amount. The Escrow Fund and the payments of interest or principal, or both, payable pursuant to the Note, shall be added together and security for the indemnity obligations provided for in Section 7.2 hereof. The Escrow Fund shall be paid as available to compensate the aggregate sum Indemnified Parties for any claims by Borrower such parties for any Losses suffered or incurred by them and for which they are entitled to Lenderrecovery under this ARTICLE VII. Provided there The Sales Tax Escrow Fund shall be additional security and available to compensate the Indemnified Parties for any claim by such parties for any Losses suffered or incurred by them and for which they are sufficient amounts entitled to recovery under this ARTICLE VII solely with respect to any Pre-Closing Sales Taxes in the VDA States. Interests in the Escrow Fund and no Default or an Event of Default exists, Lender shall be obligated to pay on behalf of Borrower the taxes, insurance premiums and CAM as they become due on their respective due dates by applying the Escrow Fund to the payment of such taxes, insurance premiums, and CAM required to be made by Borrower hereunder. If the amount of the Sales Tax Escrow Fund shall not be sufficient to pay non-transferable. On or before the Closing Date, the Company shall provide Parent with the maximum potential amounts due for taxes, insurance premiums, and CAM herein, Borrower shall promptly (but in no event later than three (3) Business Days after demand by Lender) pay to Lender, upon demand, an amount which Lender shall estimate to make up the deficiency. The Escrow Fund shall constitute a separate fund and shall not be commingled with other monies held by Lender. No interest or earnings shall be payable to Borrower on the Escrow Participants from the Escrow Fund, the Closing Tax Escrow Fund and the Sales Tax Escrow Fund.
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Sources: Merger Agreement (Gartner Inc)