Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum (“Funds”) for: (a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly flood insurance premiums. if any; (e) yearly mortgage insurance premiums, if any; and (f) any sums payable by Borrower to Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are called “Escrow Items.” Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally related mortgage loan may require for Xxxxxxxx’s escrow account under the federal Real Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. § 2603 et seq. (“RESPA”), unless another law that applies to the Funds set a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank, Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. However, Lender may require Borrower to pay a one-time charge for an independent real estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Xxxxxx may agree in writing, however, that interest shall be paid on the Funds Lender shall give to Borrower, without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each debit to t...
Funds for Taxes and Insurance. If an Event of Default has occurred under this Deed of Trust or under any of the Related Agreements, regardless of whether the same has been cured, then thereafter at any time Beneficiary may, at its option to be exercised upon thirty (30) days' written notice to Trustor, require the deposit with Beneficiary or its designee by Trustor, at the time of each payment of an installment of interest or principal under the Note, of an additional amount sufficient to discharge the obligations of Trustor under Sections 1.02 and 1.04 hereof as and when they become due. The determination of the amount payable and of the fractional part thereof to be deposited with Beneficiary shall be made by Beneficiary in its sole discretion. These amounts shall be held by Beneficiary or its designee not in trust and not as agent of Trustor and shall not bear interest, and shall be applied to the payment of the obligations in such order or priority as Beneficiary shall determine. If at any time within thirty (30) days prior to the due date of any of the aforementioned obligations the amounts then on deposit therefor shall be insufficient for the payment of such obligation in full, Trustor shall within ten (10) days after demand deposit the amount of the deficiency with Beneficiary. If the amounts deposited are in excess of the actual obligations for which they were deposited, Beneficiary may refund any such excess, or, at its option, may hold the same in a reserve account, not in trust and not bearing interest, and reduce proportionately the required monthly deposits for the ensuing year. Nothing herein contained shall be deemed to affect any right or remedy of Beneficiary under any other provision of this Deed of Trust or under any statute or rule of law to pay any such amount and to add the amount so paid to the indebtedness hereby secured. All amounts so deposited shall be held by Beneficiary or its designee as additional security for the sums secured by this Deed of Trust and upon the occurrence of an Event of Default hereunder Beneficiary may, in its sole and absolute discretion and without regard to the adequacy of its security hereunder, apply such amounts or any portion thereof to any part of the indebtedness secured hereby. Any such application of said amounts or any portion thereof to any indebtedness secured hereby shall not be construed to cure or waive any default or notice of default hereunder. If Beneficiary requires deposits to be made pursuant to this Section 1.05, ...
Funds for Taxes and Insurance. The portion of the monthly payments which are held in escrow by Seller for the payment of real estate taxes and assessments and insurance premiums shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency, and Seller shall apply the escrowed funds to pay the escrow items. Seller may not charge for holding and applying the escrowed funds, analyzing the account or verifying the outstanding balance for the escrow items. Unless an agreement is made or applicable law requires interest to be paid, Seller shall not be required to pay Purchasers any interest or earnings on the escrowed funds. Seller shall give Purchasers, without charge, an annual accounting of the escrowed funds showing credits and debits thereto and the purpose for which each debit to the escrowed funds was made. Upon a default and a cancellation of this Contract for Deed all of the escrowed funds shall become the sole property of Seller, and Seller shall use such funds to pay for the items for which such funds were escrowed. If the amount of the escrowed funds held by Seller, together with the future monthly payments of additional escrow funds payable prior to the due dates of the items for which such funds were escrowed, shall exceed the amount required to pay the items for which such funds were escrowed when due, then the excess shall be, at Purchasers' option, either promptly repaid to Purchasers or credited against their next monthly payments due under this Contract for Deed. If the amount of the escrowed funds held by Seller is not sufficient to pay for the items for which such funds were escrowed when due, then Purchasers shall pay to Seller, in one or more payments as may be required by Seller, any amount necessary to make up the deficiency. Upon payment in full of the purchase price, Seller shall promptly refund to Purchasers any escrow funds it may hold.
Funds for Taxes and Insurance. (a) Grantor shall pay into a segregated account (the "Mortgage Escrow Account"), amounts sufficient to discharge the obligations of Grantor under Sections 5 and 7 (a) hereof as and when they become due (such amounts, the "Mortgage Escrow Amounts"). As of the date hereof, Beneficiary shall initially require payment into the Mortgage Escrow Account of a sum equal to one-twelfth of the annual insurance premiums for all insurance being maintained by Grantor as of the Closing Date. During each month thereafter, Beneficiary shall require payment with respect to the annual Mortgage Escrow Amounts of a sum equal to one- twelfth thereof, so that as each installment of such premiums and Impositions shall become due and payable, Grantor shall have paid a sum sufficient to pay the same. If the amount of such premiums and Impositions has not been definitely ascertained by Grantor at the time when any such monthly deposits are to be paid, Beneficiary shall require payment of Mortgage Escrow Amounts based upon the amount of such premiums and Impositions paid for the preceding year, subject to adjustment as and when the amount of such premiums and Impositions are ascertained by Grantor.
Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower will pay to Lender until the Note is paid in full, the following funds (“Funds”): All of the yearly taxes and assessments (including condominium and planned unit development assessments, if any) that may attain priority over this Mortgage and ground rents on the Property, if any, plus all applicable premium installments for hazard insurance, plus all applicable premium installments for mortgage insurance, if any, plus, if the Property is in a flood plain, all applicable premium installments for flood insurance, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. However, Borrower will not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender.
Funds for Taxes and Insurance. (a) From and after the occurrence of any Event of Default by the Mortgagor hereunder, the Beneficiary may at its sole election, upon three (3) business day's written notice to the Mortgagor, require the Mort- gagor to pay additional amounts sufficient to discharge the obligations of the Mortgagor under Sections 5 and 7 hereof with respect to insurance premiums and Impositions and all Ground Rent, as and when they become due (such amounts, the "Mortgage Escrow Amounts"). Upon the Beneficiary's election to require Mortgage ----------------------- Escrow Amounts in accordance with the foregoing, the Mortgagor shall pay to the Beneficiary to be held in an account controlled by the Beneficiary (the "Escrow ------ Account") the monthly amount of Ground Rent together with a sum which bears the ------- same relation to the annual insurance premiums for all insurance required by the terms hereof and Impositions assessed against the Properties for the insurance period or tax year then in effect, as the case may be, as (i) the number of months elapsed as of the date of such election since the last preceding installment of said premiums or Impositions shall have become due and payable bears to (ii) twelve (12). For the purpose of this computation, the month in which such last preceding installment of premiums or Impositions became due and payable and the month in which the Beneficiary makes such election shall be included and deemed to have elapsed. During each month thereafter, until the Beneficiary shall elect that the provisions of this Section 8 shall no longer be applicable, the Mortgagor shall pay with respect to the Mortgage Escrow Amounts a sum equal to the monthly Ground Rent plus one-twelfth of such insurance premiums and such Impositions for the then-current insurance period and tax year, so that as each installment of Ground Rent and such premiums and Impositions shall become due and payable, the Beneficiary shall have received a sum sufficient to pay the same. If the amount of such premiums and Impositions has not been definitely ascertained at the time when any such monthly deposits are to be made, the Mortgagor shall pay Mortgage Escrow Amounts based upon the amount of such premiums and Impositions for the preceding year, subject to adjustment as and when the amount of such premiums and Impositions are ascertained.
Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Xxxxxx, Borrower will pay to Lender until the Note is paid in full, the following funds (“Funds”): All of the yearly taxes and assessments (including condominium and planned unit development assessments, if any) that may attain priority over this Mortgage and ground rents on the Property, if any, plus all applicable premium installments for hazard insurance, plus all applicable premium installments for mortgage insurance, plus all applicable premium installments for mortgage insurance, if any, plus, if the Property is in a flood plain, all applicable premium installments for flood insurance, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. However, Borrower will not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender.
Funds for Taxes and Insurance. (a) Grantor shall pay into a segregated account (the "Mortgage Escrow Account"), amounts sufficient to discharge the obligations of Grantor under Section 5 (other than worker's compensation insurance premiums) and Section 7(a) hereof with 48
Funds for Taxes and Insurance. BORROWER shall pay all taxes due directly to the local taxing agency and all premiums for insurance on said property directly to the insuring agency. Proof of payment made shall be given to the BORROWER within 30-days of due date.
Funds for Taxes and Insurance. (a) From and after the occurrence of any Event of Default by Mortgagor hereunder, Mortgagee may at its sole elec tion upon one (1) Business Day's written notice to Mortgagor, establish a segregated, interest-bearing escrow account, in which Mortgagee shall hold additional amounts sufficient to discharge the obligations of Mortgagor under Sections 6 and 8(a) hereof as and when they become due (such amounts, the "Mortgage Escrow Amounts").
