Common use of Funds for Taxes and Insurance Clause in Contracts

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. Subject to applicable law or a written waiver by Lender, Borrower will shall 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 which 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 shall 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.