Common use of Impound Account Clause in Contracts

Impound Account. Lessor may, at its option to be exercised by thirty (30) days' written notice to Lessee, at any time after the occurrence of a late payment of any Impositions or premiums for insurance coverage required to be maintained by Lessee hereunder, require Lessee to deposit, at the time of any payment of Minimum Rent, an amount equal to one-twelfth of Lessee's estimated annual taxes, of every kind and nature, required pursuant to Section 4.1 plus one-twelfth of Lessee's estimated annual insurance premiums required pursuant to Section 4.3 into an impound account as directed by Lessor. Such amounts shall be applied to the payment of the obligations in respect of which said amounts were deposited in such order of priority as Lessor shall determine, on or before the respective dates on which the same or any of them would become delinquent. The cost of administering such impound account shall be paid by Lessee. Nothing in this Section 4.4 shall be deemed to affect any right or remedy of Lessor hereunder.

Impound Account. Lessor may, at its option to be exercised by thirty (30) days' ’ written notice to Lessee, at any time after the occurrence of a late payment of any Impositions or premiums for insurance coverage required to be maintained by Lessee hereunder, require Lessee to deposit, at the time of any payment of Minimum Rent and Additional Rent, an amount equal to one-twelfth (1/12th) of Lessee's ’s estimated annual taxes, of every kind and nature, required pursuant to Section 4.1 plus plus, if Lessee fails to pay any insurance premium in a timely manner as required by this Lease, one-twelfth of (1/12th)of Lessee's ’s estimated annual insurance premiums required pursuant to Section 4.3 into an impound account as directed by Lessor▇▇▇▇▇▇. Such amounts shall be applied to the payment of the obligations in respect of which said amounts were deposited in such order of priority as Lessor shall determine, on or before the respective dates on which the same or any of them would become delinquent. The cost of administering such impound account shall be paid by Lessee▇▇▇▇▇▇. Nothing in this Section 4.4 shall be deemed to affect any right or remedy of Lessor hereunder.

Impound Account. Lessor may, at its option to be exercised by thirty (30) days' ’ written notice to Lessee, at any time after the occurrence of a late payment of any Impositions or premiums for insurance coverage required to be maintained by Lessee hereunder, require Lessee to deposit, at the time of any payment of Minimum Rent and Additional Rent, an amount equal to one-twelfth (1/12th) of Lessee's ’s estimated annual taxes, of every kind and nature, required pursuant to Section 4.1 plus plus, if Lessee fails to pay any insurance premium in a timely manner as required by this Lease, one-twelfth of (1/12th)of Lessee's ’s estimated annual insurance premiums required pursuant to Section 4.3 into an impound account as directed by LessorL▇▇▇▇▇. Such amounts shall be applied to the payment of the obligations in respect of which said amounts were deposited in such order of priority as Lessor shall determine, on or before the respective dates on which the same or any of them would become delinquent. The cost of administering such impound account shall be paid by LesseeL▇▇▇▇▇. Nothing in this Section 4.4 shall be deemed to affect any right or remedy of Lessor hereunder.