Insurance and Tax Escrow; Waiver Sample Clauses

Insurance and Tax Escrow; Waiver. Borrower shall establish funds for taxes, insurance premiums and certain other charges for each Mortgaged Property in accordance with Section 7(a) of the Security Instrument for each Mortgaged Property. Notwithstanding the foregoing, so long as no Event of Default has occurred and subject to Section 13.01(a) below, Lender hereby waives the obligations of Borrower under Section 7(a) of each Security Instrument with respect to the escrow of premiums for insurance and taxes (the “Required Escrow Payments”). During any period in which the obligation to pay the Required Escrow Payments has been waived pursuant to this Section 13.01, Borrower shall: (i) pay taxes, (ii) pay insurance premiums with respect to the insurance policy meeting the requirements of the Security Instrument for each Mortgaged Property, (iii) not later than fifteen (15) days prior to the expiration date of such policy send Lender copies of quotes received by Borrower which set forth the gross pre-tax premiums for new or renewal insurance policies, complete information on who may provide the insurance and to whom the premiums will be due (iv) not later than five (5) Business Days prior to the expiration date of such policy send Lender copies of binding quotes received by Borrower which set forth the gross pre-tax premiums for new or renewal insurance policies, complete information on who is providing the insurance and to whom the premiums are due, evidence of Borrower’s acceptance of such quotes or renewals, and certified copies of evidence of insurance effective on or prior to the expiration date of the old existing policy, (v) not later than seven (7) days after the then-current expiration date of the insurance policy, send Lender paid receipts or other documentation satisfactory to Lender evidencing that the premiums for such new or renewal insurance policies have been paid, (vi) send Lender invoices and canceled checks, or other documentation satisfactory to Lender, evidencing payment of such taxes within sixty (60) days after such taxes are due and payable, (vii) provide to Lender written proof at least fifteen (15) days prior to the then-current expiration date of the insurance policy, certified by the insurance provider, that such policy has been extended for a period of at least one (1) year, and (viii) include all payments of insurance premiums and taxes in its monthly and annual property income and expense data.

Insurance and Tax Escrow; Waiver. Borrower shall establish funds for taxes, insurance premiums and certain other charges for each Mortgaged Property in accordance with Section 7(a) of the Security Instrument for each Mortgaged Property. Notwithstanding the foregoing, so long as no Event of Default or Potential Event of Default has occurred, Lender hereby waives the obligations of Borrower under Section 7(a) of each Security Instrument with respect to the escrow of premiums for insurance (the “Required Insurance Escrow Payments”). During any period in which the obligation to pay the Required Insurance Escrow Payments has been waived pursuant to this Section 13.01, Borrower shall: (i) pay insurance premiums with respect to the insurance policy meeting the requirements of the Security Instrument for each Mortgaged Property, (ii) send Lender invoices and paid receipts, or other documentation satisfactory to Lender, evidencing payment of such insurance premiums on the earlier of (A) the date that each such premium is due and payable and (B) thirty (30) days prior to then current expiration date of the insurance policy, (iii) at least fifteen (15) days prior to the expiration of an insurance policy, deliver or shall cause any Operator to deliver to Lender the original (or a duplicate original) of a renewal policy in form satisfactory to Lender, and (iv) include all payments of insurance premiums and taxes in its quarterly and annual property income and expense data.