Impound Accounts. 4.4.1 Upon the occurrence and during the continuance of a Real Estate Tax Impound Account Trigger Event, Lessee shall deposit, at the time of any payment of Minimum Rent, an amount equal to one-twelfth (1/12th) of Lessee’s estimated annual Impositions relating to real estate taxes, of every kind and nature, required pursuant to Section 4.1 in a segregated, interest bearing tax 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 or priority as Lessor shall determine, on or before the respective dates on which the same or any of them would become delinquent. Nothing in this Section 4.4.1 shall be deemed to affect any other right or remedy of Lessor hereunder.
Impound Accounts. The Seller hereby assigns to the Buyer, its successors and assigns, all of its rights, title and interest in and to the reserve accounts, impound accounts and/or Escrow Deposits which have been established with Lender for the payment of taxes, assessments, repairs and replacements, production of financial reports, tenant rollover, tenant improvements and insurance, and the Lender, PNC Bank, National Association, and Midland are hereby released from any further responsibility to the Seller in connection with such accounts.
Impound Accounts. 4.4.1 Upon the occurrence and during the continuance of a Real Estate Tax Impound Account Trigger Event, Lessee shall deposit, at the time of any payment of Minimum Rent, an amount equal to one-twelfth (1/12th) of Lessee’s estimated annual Impositions relating to real estate taxes, of every kind and nature, required pursuant to Section 4.1 in a segregated, interest bearing tax 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 or priority as Lessor shall determine, on or before the respective dates on which the same or any of them would become delinquent. Nothing in this Section 4.4.1 shall be deemed to affect any other right or remedy of Lessor hereunder. Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission.
Impound Accounts. To the extent that any Property Operator is required to maintain an impound account pursuant to Section 4.4 of the Master Lease, Borrower shall cause the Property Owner with respect to the Facility leased by such Property Operator to direct that such impound account to be maintained with and subject to the control of Lender, and shall cause the applicable Property Owner to execute such documents as shall be requested by Lender with respect thereto.
Impound Accounts. 64 (r) Subordination of Management Agreements............................................. 64 (s) Board Attendance................................................................... 64 (t) Release of Lien on Somerby Purchase Option......................................... 64 (u)
Impound Accounts. At Landlord’s option following the occurrence and during the continuation of an Event of Default described in Section 12.1(a) (to be exercised by fifteen (15) days’ written notice to Tenant), Tenant shall be required to deposit, at the time of any payment of Base Rent, an amount equal to one-twelfth of the sum of (a) Tenant’s estimated annual Impositions required pursuant to Section 3.1 hereof (as reasonably estimated by Landlord) and (b) Tenant’s estimated annual insurance premium costs (as reasonably determined by Landlord). Such amounts shall be applied by Landlord to the payment of the obligations in respect of which said amounts were deposited on or before the respective dates on which the same or any of them would become delinquent. Interest, if any, carried on such amounts shall accrue for the benefit of and be payable to Tenant at the end of the Term. The reasonable cost of administering such impound account shall be paid by Tenant. Nothing in this Section 3.3 shall be deemed to affect any right or remedy of Landlord hereunder.
Impound Accounts. Upon the occurrence of any Event of Default hereunder, at Bank’s option, Borrower shall establish with Bank (i) a non-interest bearing tax and/or insurance impound account and shall deposit therein, on a monthly basis, sufficient funds to pay real property taxes, assessments and premiums for fire and hazard insurance, rent loss insurance, and such other insurance covering the Property as Bank may require, not later than thirty (30) days prior to their due date(s); and/or (ii) a non-interest bearing account and shall deposit therein, on a monthly basis, an amount (as determined by Bank) sufficient to accumulate funds to pay operating, replacement and/or tenant improvements costs when the same are projected to become payable.
Impound Accounts. Seller hereby assigns (effective as of the Closing) to the Buyer, its successors and assigns, all of its rights, title and interest in and to the reserve accounts, impound accounts and/or escrow deposits which have been established with Lender for the payment of taxes, assessments, repairs and replacements, production of financial reports, tenant rollover, tenant improvements and/or insurance, and Lender is hereby released from any further responsibility to the Seller in connection with such accounts.
Impound Accounts. Upon or any time following the occurrence of an ---------------- Event of Default (as defined below), Beneficiary reserves the right to require Trustor to pay into a segregated bank account at a bank designated by Beneficiary ("Impound Account") on the first day of each calendar month during --------------- the term of the Loan, an amount which will be sufficient to pay, on the first day of the month preceding the month in which they become due, all Impositions and Premiums payable, or estimated by Beneficiary to be payable, during the ensuing twelve (12) months ("Impounds"). Beneficiary will apply the Impounds to -------- the payment of Impositions and Premiums which are required to be paid by Trustor pursuant to the provisions of this Deed of Trust provided that (a) Beneficiary has received from Trustor statements of all such Impositions and Premiums due, (b) there exists sufficient funds in the Impound Account to pay such Impositions and Premiums, and (c) Beneficiary has received from Trustor, not earlier than thirty (30) days nor later than fifteen (15) days prior to the date that such Impositions or Premiums are due, a written instruction to pay such Impositions or Premiums. If the amount deposited into the Impound Account for the twelve (12) month period covered by such Impounds shall exceed the amount of the Impositions and the Premiums payable by Trustor pursuant to the provisions of this Deed of Trust, then Beneficiary shall, in its discretion, (y) return any excess to Trustor or (z) credit such excess against future payments to be made to the Impound Account. If the Impound Account does not have sufficient funds to pay the Impositions and/or the Premiums, as the same become payable, then Trustor shall pay to Beneficiary, upon written request, an amount which Beneficiary shall estimate as being sufficient to make up the deficiency. Until expended or applied as above provided, any amounts in the Impound Account shall constitute additional security for the Loan and shall not bear interest. A collection of such deposits by Beneficiary shall not relieve Trustor of any of its obligations under any provision of this Deed of Trust, and under no circumstances shall Beneficiary be liable for the failure to make any payment on behalf of Trustor, including, without limitation, payments of Impositions or Premiums, if Trustor has not fully and completely complied with the conditions to payment set forth in clauses (a), (b) and (c) above.
Impound Accounts. Notwithstanding Section 4.4 of the Master Lease, Lessor agrees that it shall not bring suit or exercise any right or remedy (including, without limitation, delivering a notice of default under the Master Lease, terminating the Master Lease, declaring an Event of Default under the Master Lease or exercising any other right or remedy under the Master Lease) arising out of the failure of Lessee to deposit or pay any amounts required to be deposited pursuant to Section 4.4 of the Master Lease prior to the Deferred Payment Date; provided, however, that, on the Deferred Payment Date, Lessee will deposit, in accordance with Section 4.4 of the Master Lease, all amounts that, but for the operation of this Section 2 of this Agreement, Lessee would have been required to so deposit pursuant to Section 4.4 of the Master Lease during the period between the date hereof and date immediately prior to the Deferred Payment Date. For the avoidance of doubt, the Lessee acknowledges and agrees that the amounts to be funded into Impound Accounts is due and owing to the Lessor under the Master Lease, and that the terms of this Agreement constitute a forbearance of the overdue obligation and shall in no way be construed as a waiver of the underlying obligation or modification to the terms of the Master Lease.
